Borrowers must complete the Master Promissory Note (MPN), as well as
Entrance Counseling, in person with the Office of the Controller. Entrance
Counseling provides helpful borrower information on important topics such as entering repayment, debt management, default resolution,
and the mechanics of paying back your loan. Please note that the MPN must be signed each year.
Because Perkins loans are funded by institutional dollars, funding is limited. Hence, borrowers who file the FAFSA by the March 1st ISU priority date are most likely to be offered this loan.
Interest is assessed at 5% APR fixed once the student drops below half-time enrollment or graduates. Interest will not
collect while the student is enrolled in 6 or more credit hours.
Repayment begins after a 9-month grace period.
The award amount is $1,500.
Loan funds are applied to student accounts approximately ten days before the start of the semester.
If the borrower applies for a full academic year loan, half of the amount applied for is disbursed at the start of the
fall semester and the other half at the start of the spring semester.
Funds will first cover any charges on the student's account.
Any excess funds are refunded to the student via ACH direct deposit or sent to student's permanent address.
To find out more about repayment options before receiving a Perkins Loan, borrowers may contact the Office of the Controller at Indiana State University.