A Federal Perkins Loan is a federally funded, low-interest loan for students with exceptional financial need. The current interest rate is fixed at 5%. Winthrop University is your Perkins Loan lender, and students must repay this loan to Winthrop University.
The Federal Perkins loan program is scheduled to end after September 30, 2017, unless Congress takes action. Institutions will be unable to make any new Perkins awards after September 30, 2017. If you accept a Perkins loan now, there is no guarantee that additional Perkins awards can be made in future academic years.
How funds are awarded: First priority is given to students with exceptional financial need who submit their Free Application for Federal Student Aid (FAFSA) by the March 1 priority deadline. Remaining funds, if any, are awarded on a first-come, first-served, need basis. Typical awards range from $200 to $2,000 per academic year. There are no fees deducted from the loan. Sign your Perkins Loan Promissory Note: Check your Winthrop e-mail account for notification asking you to electronically sign your Promissory Note. Once the Perkins Office is notified that the Promissory Note has been successfully completed, the Perkins Loan will be finalized.
Students must be enrolled at least half-time (six credit hours) to receive a Perkins Loan disbursement. Once all award requirements have been met, your financial aid will be credited to your student account. For more information, please visit Applying for Aid. Perkins Loan cannot be automatically renewed each year. Returning students must maintain Satisfactory Academic Progress and meet the Perkins Loan awarding requirements each academic year. Complete your Perkins Loan Exit Counseling: The federal government requires all Perkins Loan borrowers to complete an exit interview whenever his/her enrollment drops below half-time. Transcripts and/or diplomas will be held until this interview has been successfully completed.
Repayment: Students receive a nine month grace period after they graduate before loan repayment begins. Students attending less than half-time should check with the Office of Financial Aid to determine the grace period. During the grace period, students will not be charged any interest. Winthrop University will send you information about repayment and you will be notified of the date repayment begins. However, you are responsible for beginning repayment on time, even if you do not receive this information. View a sample repayment chart (pdf - 51 KB). The loan has a 10-year repayment period.
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