Federal Perkins Loan
Complete Your Entrance Interview and E-Sign Your Perkins MPN
(Only for Students who have already been awarded a Perkins Loan by the Financial Aid Office)
Complete Your Exit Interview
(MUST be completed by Perkins Loan borrowers who are about to graduate, withdraw or take less than six credits)
A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with financial need. Touro College is the lender. The loan is made with government funds, and the school contributes a share. The loan must be repaid to Touro College. Since Perkins Loans funds are limited, Financial Aid awards students who are most in need and are limited to an award of $1000 per an academic year.
Perkins Loans carry a fixed interest rate of 5% for the duration of the ten-year repayment period. Since the Perkins Loan is subsidized by the government, interest does not begin to accrue until the borrower begins to repay the loan.
For Questions about your Perkins Loan please contact:
Perkins Loan Coodinator
(212) 463-0400 x. 5566
Federal Perkins Loan Facts:
- Interest is 5% and does not accrue while the borrower is in school or during the grace period.
- The grace period begins nine months from the day the borrower has graduated, withdrawn or fell below half-time.
- The borrower makes payments directly to the school or its designated servicer, currently ACS.
- The loan must be paid within 10 years.
- There are options to cancel a portion or the entirety of the loan under specific circumstances.
- Deferment & Forbearances are available to students who qualify and are granted for a short period of time.
- Perkins may be consolidated together with Federal Stafford Loans.