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Federal Perkins Loans are low-interest loans offered through Washburn University for undergraduate and graduate students who demonstrate financial need.

In order to be eligible for a Perkins loan, you must have completed your FAFSA (Free Application for Federal Student Aid); it should be completed and submitted by the priority deadline of February 15, before the beginning of the school year in late summer or early fall. (See Financial Aid's web page for information on how to apply). Perkins Loan funds are very limited.

Perkins Loans are unique among other Federal Loans, in that the funds are held by the Universities, The institution that holds the funds also contributes money to its Perkins Loan fund. When a Perkins Loan is awarded to a student, the money will be paid out of this fund, and, when paid, will go back into this fund for other Washburn students to use.

If you have been awarded a Perkins Loan, your eligibility will be listed on your awards online at my,washburn.edu, under the "Students" tab. You will need to "accept" the loan before you can receive the funds. If you do not want the loan, please decline so the limited funds can be awarded to other students.

The Financial Aid office will notify the Business Office of your acceptance. The Business Offices then notifies University Accounting Services (UAS), a company that manages Perkins loan information and collection after students graduate. UAS will email you with information on how to access your electronic Master Promissory Note (MPN) online. Your FAFSA pin is necessary to complete this form. Please have it ready when you begin. Once the MPN is completed, UAS will notify Washburn, and the funds will be released to your account. No funds will be released until this is completed.

When your enrollment status has been verified, the funds will released to your Washburn Student Account (see my.washburn.edu, students tab, "IBOD") and will be refunded at the next scheduled refund date,

Since this promissory note is for a federal loan, please be prepared to provide all the information it requires. One part involves providing names and addresses of family members. This will NOT be used for any reason except to try to find you should you move without providing your new address to Washburn University.

When you graduate from college, choose not to return, or drop below half-time status, your Perkins Loan will go into repayment. You will have a nine month "grace period" from the time of your departure until you have to start repaying. You may be allowed up to 10 years to repay the loan, and the minimum monthly payment is $40. Interest is fixed at 5% simple interest per annum. There is no fee for borrowing the money, and the interest is paid by the federal government as long as you stay in school.

Should you experience difficulties repaying the loan because of illness, unemployment or some hardship, deferments and forbearances are available. These can postpone payments for several months.

If you pursue certain vocations, Perkins Loans can be cancelled over a period of five years of continuous employment. Certain types of teaching, law enforcement, social work or nursing can make this possible.

Finally, please remember that it is YOUR responsibility to make sure your documentation is in order. If you skip a semester of school, graduate with an associates degee or a bachelors degree and immediately come back for the next degree, please check your student status with financial aid or the business office. The act of disappearing from the university system, or being shown as graduated, may cause your loan to go into repayment. This can be remedied with a verification of student status, but you need to make sure that's done by calling the Business Office at 785.670.1156 or email business-office@washburn.edu

For more information on Federal Student Loans, please see:

http://studentaid.ed.gov