The Federal Perkins Loan is a low-interest loan for students with exceptional financial need. Georgia College is the lender. The loan is made with government funds with a share contributed by GC, so your payments are through the university.
Eligibility for this loan program will be determined on a first-come, first-serve basis upon completion of the Free Application for Federal Student Aid (FAFSA).
The aggregate amount of funds eligible students may borrow is (1) $4,000 for students who have not completed two academic years of study toward a bachelor’s degree and (2) $8,000 for students who have completed two academic years of study for a bachelor’s degree but have not received a degree.
Repayment begins nine months after the student graduates or leaves school. The student may be allowed up to ten years to repay the loan. During the repayment period, the student will be charged 5% simple interest on the unpaid balance of the loan principle. The minimum monthly payment is $40.
Recipients must sign a promissory note in the Student Loan Collections Office prior to receiving funds.
Students, currently receiving or who have received a Federal Perkins Loan through Georgia College, who graduate, transfer, drop below half-time enrollment status, or otherwise leave school must arrange for an Exit Interview at the Student Loan Collections Office.