3: Financial Aid

Applying for Financial Aid | Loans | Student Employment
Special Scholarships and Programs | General Requirements for All Forms of Aid
University and Federal Grants | Employment under the Federal Work Study Program
Student Rights and Responsibilities Regarding Financial Aid

Federal Perkins and Federal Nursing Student Loans | Ford Federal Direct Loans

Federal Perkins and Federal Nursing Student Loans

If you have been awarded a loan as part of your financial assistance, funds will be drawn from one of the following sources:

Federal Perkins Loan   No interest is charged while you are attending school (graduate or undergraduate) on at least a half-time basis. Repayment begins six or nine months after you leave school. At that time, interest will begin to accrue at a rate of 5 percent each year with a minimum yearly payment of $480. Repayment may be spread over a 10-year period from the date of the first payment. Loans can be consolidated for repayment. You do not have to accept a Federal Perkins Loan in order to receive other federal funds. Origination fees are not deducted from Perkins Loans.

Federal Nursing Student Loan   No interest is charged while you are attending school (graduate or undergraduate) on at least a half-time basis. Repayment begins nine months after you leave school. At that time, interest will begin to accrue at the rate of 5 percent each year with a minimum yearly payment of $180. Repayment may be spread over a 10-year period from the date of the first payment.

Disbursement Procedure   One-half of your loan will be applied directly to your university account each semester as soon as you register as a full-time student. You will be required to sign a promissory note each year at the student loan section of the bursar's office, Carruthers Hall.

Failure to Sign Promissory Note   If you fail to sign your promissory note by October 1, your loan for the entire academic year will be cancelled. If your loan is cancelled, you will be billed by the bursar for the balance due to the University.

Exit Interviews   It is your responsibility to have an exit interview for these loans prior to leaving the University or in the event you register as less than a half-time student. As a degree applicant you should be contacted by the student loan section of the bursar's office prior to graduation to schedule an exit interview. If you are not contacted, if you withdraw, or if you register as less than a half-time student, it is your responsibility to contact the student loan section to schedule an exit interview. During the exit interview you will be advised of your rights and responsibilities, given the opportunity to ask questions, and provided a repayment schedule. If you fail to complete an exit interview, a hold will be placed on your official grade transcript record.


Continue to: Ford Federal Direct Loans
Return to: Chapter 3 Index