Federal Perkins Student Loan
Please note: The Federal Perkins Loan program was set to expire on
September 30, 2017, and schools were prohibited from making any Perkins
Loans to students after that date. However, Congress extended the program and it is now scheduled to expire September 30, 2018. As such, only limited Perkins Loan
awards will be made until such time as the program is terminated.
Federal Perkins Student Loan Program is administered by the School of Mines and like any loan, must be repaid. Although the annual loan limits set by Congress are $5500 a year for undergraduate students and up to $8000 a year for graduate students, in an effort to make this loan program available to as many of our students as possible, the maximum annual award at this time at the School of Mines is $3000 (however, depending on the situation and available funds, this amount can be more). Students who began their academic career at Mines, borrowed a Perkins while attending and graduated from the School of Mines with a Bachelors Degree during the 2015-2016 academic year, had an average Perkins indebtedness of $2,883. This would result in a minimum monthly payment of $40. Students are under no obligation to accept a student loan and should do so only after considering the long-term implications of borrowing.
Arrangements will be made to obtain the student's signature on a Master Promissory Note (MPN) before the first disbursement of the Perkins Loan. Students must also sign a statement prior to each disbursement showing their total Perkins borrowing at the School of Mines. Repayment is to be worked out with the Business Office when the borrower graduates or is no longer enrolled at least half-time. No payments are required during any period of at least half-time enrollment at at an eligible post-secondary institution or when approved for one of the many available deferments. (However, it is the borrowers responsibility to file the necessary paperwork with the Business Office or our loan servicing agent before an eligible deferment will be processed.) After you cease to be enrolled at least half-time, you are eligible for a nine-month grace period before beginning repayment. During the repayment period, the interest rate on this loan is 5% on the unpaid principal balance. Depending on how much has been borrowed, repayment may be up to 10 years. The MPN will detail the deferments that are available and under what circumstances the Perkins Loan can be canceled. This information is also available at the
Perkins Loans and
What You Should Consider Before Borrowing links.