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Federal Perkins Loans

  • A low-interest federal loan available to needy students.
  • Repaid in installments over a ten-year period beginning nine months after the student graduates or leaves school for other reasons.
  • No interest accrues during the time the student is enrolled at least half-time.
  • An interest rate of five percent per year is assessed beginning with the repayment period.
  • Requires entrance counseling for all borrowers.
  • Requires exit counseling if a student graduates, leaves, or drops below half-time (6 credits) at Mount Union.