Tuition & Aid

Federal Perkins Loans

Undergraduate

Perkins Loan Program Extension effective December 18, 2015

The Federal Perkins Loan Program has been in existence since 1958 and was scheduled to sunset (end) on October 1, 2015. The program has been extended through September 30, 2017 by the Federal Perkins Loan Program Extension Act of 2015 (the Extension Act), enacted on December 18, 2015.

The Extension Act establishes new eligibility requirements for undergraduate to receive Perkins Loans.

Per the changes in the Extension Act, effective December 18, 2015, schools participating in the Perkins Loan Program may make Perkins Loans as specified below:

Undergraduate Students

A school may make Perkins Loans through—

To an—

Who, on the date of disbursement—

If the school has awarded the student—

September 30, 2017

Eligible current undergraduate student

Has an outstanding balance on a Perkins Loan made by the school.

All Direct Subsidized Stafford Loan aid for which the student is eligible.

September 30, 2017

Eligible new undergraduate student

Does not have an outstanding balance on a Perkins Loan made by the school.

All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.

Perkins Loans That Have Been Consolidated When a Perkins Loan is consolidated it is paid in full by the Consolidation Loan. An undergraduate student who has consolidated his or her Perkins Loans does not have an outstanding balance on a Perkins Loan, and is therefore treated as a new undergraduate student.

Subsequent Disbursements for Undergraduate Students - If an eligible undergraduate student borrower receives a disbursement of a Perkins Loan after June 30, 2017, and before October 1, 2017 for the 2017-2018 award year the student may receive any subsequent disbursements of that Perkins Loan.

NO ADDITIONAL EXTENSIONS

The Federal Perkins Loan Extension Act prohibits any further extensions of the Perkins Loan Program under section 422(a) of the General Education Provisions Act (GEPA). Schools may not make Perkins Loans to any student on or after October 1, 2017. However, as noted above, subsequent disbursements of a loan first disbursed to an eligible undergraduate after June 30, 2017, and before October 1, 2017, are allowed.