Loan Information
Federal Perkins Loans
The Federal Perkins Loan is awarded to undergraduate students with exceptional financial need. In order to be considered for a Federal Perkins Loan, students must complete their FAFSA by the March 1 priority deadline.
The Federal Perkins Loan is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. This loan has no origination or default fees, and the interest rate is fixed at 5 percent. Repayment begins nine months after the student graduates or is no longer enrolled half time. In addition, the loan is subsidized, meaning the interest is paid by the federal government while the student is in school and during the nine month grace period.
Perkins Entrance Counseling
Students who have been awarded a Federal Perkins Loan will be notified by the Financial Aid Office. All new Federal Perkins loan borrowers will need to complete an in-person Perkins Loan Entrance Counseling. In addition, a new Perkins Loan Contract, a Statement of Rights and Responsibilities, and a Perkins Master Promissory Note are required for all borrowers.
Perkins Exit Counseling
Students who have borrowed a Federal Perkins Loan while attending CLU must complete Exit Counseling before graduating or leaving school for any other reason. Perkins Loan Exit Counseling may not be completed online. Please contact Michele Starr at (805) 493-3518 to sign up for Federal Perkins Exit Counseling.
