Perkins Loans

Overview

  • The Federal Perkins Loan is available through the Financial Aid office and is awarded to both undergraduate and graduate students who demonstrate financial need through filing the Free Application for Federal Student Aid (FAFSA) each school year.
  • This is a Federal Student Loan with SDSM&T as the lender.
  • Interest rate for this loan is 5%.
  • There is a nine-month grace period once the student leaves SDSM&T or drops below half-time status.
  • It is the borrower’s responsibility to keep the lender (SDSM&T) updated about changes in name, address, phone number, etc.

New Borrowers

When a student has been awarded a Federal Perkins loan an email will be sent from SignMyLoan.  This email will inform the student to login to www.signmyloan.com to accept the loan and sign the electronic promissory note.   You will need to have the names, addresses and phone numbers ready for at least 3 references.  These steps must be completed in order to receive the loan.

Borrowers Leaving SDSM&T:

Exit Counseling
An Exit Interview must be completed when a borrower leaves SDSM&T or drops below half-time status (except for students enrolled in coop).   To start the exit process, go to www.uasexit.com .  If you have questions, please contact our Perkins Loan representative in Finance & Administration at 605.394.1204. 

Repayment
Monthly repayment begins nine months after a borrower leaves SDSM&T or drops below half-time status.  Minimum monthly payment is $40 with a 10-year maximum repayment period.  Interest rate is 5%.  There is no prepayment penalty.  SDSM&T uses University Accounting Service (UAS) as a billing service for Perkins loans.  For 24-hour access go to www.uasecho.com or call 800.999.6227.  Please have your account number and social security number available.

Deferment, Forbearance, and Cancellation Options
A Perkins loan may be eligible for deferment, forbearance, or cancellation.  These options are explained in the Exit Interview process.  You may also go to www.uaservice.com for further information.  The appropriate form must be completed by the borrower and submitted to UAS or SDSM&T in order to qualify for one of these benefit options.