FEDERAL PERKINS

The Federal Perkins Loan is a low-interest loan for students with exceptional financial need. Georgia College & State University is the lender. The loan is made with government funds with a share contributed by GCSU, 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).

Students may borrow up to $5,500 for each year of undergraduate study (the aggregate loan amount for undergraduate students is $27,500). For graduate students, a student may borrow up to $8,000 per year (the aggregate loan amount for graduate students is $60,000, which includes amounts borrowed as an undergraduate).

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 per cent 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 & State University, 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.