Perkins Loan FAQs


Am I eligible to receive this loan?

The Perkins Loan is awarded based on financial need, amount of other aid received, and the availability of funds at National-Louis University. NLU has limited funding for the Perkins Loan program and may not be able to offer it even if you are otherwise eligible. If you are eligible and there is money available, the Perkins Loan will be listed on the Award Notification Letter that is sent to you from the Student Finance Office.

What is the interest rate and the grace period for this loan?

The Perkins Loan has a 5% interest rate (fixed for the entire life of the loan) and a 9-month grace period. Your grace period starts from the day you leave the university or you cease to be enrolled at least half-time, whichever comes first. The interest starts to accrue from the beginning of the repayment period.

Are there any fees associated with the loan origination?

No. Unlike Stafford Loans, there are no loan origination fees charged to the student for a Perkins Loan.

Why am I required to complete Entrance Counseling? I think I already completed it.

Entrance Counseling is a federal, one-time requirement in accepting the Perkins Loan. It can be completed online at the www.mapping-your-future.org website. An electronic confirmation of your session will be sent to National-Louis University. The purpose of this requirement is to inform you of your rights and responsibilities as a borrower. Students are required to complete different Entrance Counseling sessions for Stafford Loans and Perkins Loans.

Why do I have to fill out a new Perkins Authorization Form?

If a student becomes eligible to receive the Perkins Loan for other terms than initially awarded or for an additional amount, the Student Finance Office will mail a new Perkins Authorization Form to the student that includes the loan period and the amounts offered. The Authorization Form has to be signed and dated and submitted to our office (original or copy).

I received a letter in the mail informing me that a Perkins loan disbursement has been made to my account. What does that mean? Will I get a refund?

As a responsible lender, we will notify the student within 30 days after a Perkins disbursement has been made. The funds are applied to the student’s account toward any balance that the student may have and the overages are refunded to the student. The student has the right to cancel all/part of the disbursement; if for any reason the student decides to do so, the student must provide our office with written notification within 15 days of the date of the loan disbursement letter.

 

Locations
  • CHICAGO DOWNTOWN CAMPUS

    NLU’s Chicago campus on South Michigan Avenue occupies five floors of the historic Peoples Gas Building. This landmark building, across the street from the Art Institute of Chicago and Grant Park, is easily accessible by train, bus and car and is surrounded by restaurants, parking lots/garages and shops.

    122 S. Michigan Avenue
    Chicago, IL 60603
    (888) 658.8632
    Info » | Directions »
  • ELGIN

    Conveniently located in a fast-growing business district off I-90 and Route 31, NLU Elgin features 10 classrooms with high-tech media equipment; a computer lab with high-speed Internet access; two conference rooms; and comfortable student lounges. Parking is free at this recently remodeled and upgraded teaching site, which now includes wireless Internet access.

    620 Tollgate Road
    Elgin, IL 60123
    (888) 658.8632
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  • NORTH SHORE

    Opened in the summer of 2006, NLU North Shore at Skokie is a state-of-the-art modern campus located just off the Edens Expressway near the Old Orchard Shopping Center. The campus includes 44 wireless classrooms equipped with high-tech media equipment; four computer labs with high-speed Internet access, including a walk-in lab in the library; six conference rooms; a public café for beverages and snacks; a student welcome center; a library for research and study; and multiple, comfortable student lounge areas.

    5202 Old Orchard Road
    Skokie, IL 60077
    (888) 658.8632
    Info » | Directions »
  • LISLE

    Located just minutes from the East-West Tollway (I-88), NLU Lisle features 42 wireless classrooms equipped with high-tech media equipment; four computer labs with high-speed Internet access, including a separate walk-in lab in the library; a café for beverages and snacks; a student welcome center; a library for research and study; conference rooms; and six comfortable student lounge areas with wireless access.

    850 Warrenville Road
    Lisle, IL 60532
    (888) 658.8632
    Info » | Directions »
  • WHEELING

    Located in one of Chicago's major northwest suburbs, the newly renovated NLU Wheeling includes 20 classrooms with high-tech media equipment, four conference rooms, four computer labs with high-speed Internet access, large student lounge areas with wireless capabilities and interactive video capabilities, and an extensive research library. The site also houses the university library research collection.

    1000 Capitol Drive
    Wheeling, IL 60090
    (888) 658.8632
    Info » | Directions »
  • FLORIDA (TAMPA)

    Established in 1988 and located in one of the city's major business districts, NLU's Florida Regional Center serves students in 13 counties in central Florida. In addition to six classrooms, this location features a conference room, a computer lab with high-speed Internet access, an extensive research library and comfortable student lounges.

    5110 Eisenhower Boulevard Suite 102
    Tampa, FL 33634
    (800) 366.6581
    Info » | Directions »
  • WISCONSIN

    NLU's Milwaukee campus has a proud history of serving graduate students in education in southeastern Wisconsin. Nearly one in five certified Wisconsin teachers looks to NLU for graduate education programs – more than any other university in the state. In addition to classrooms with high-tech media equipment, the campus offers a state-of-the-art computer lab with wireless Internet access and an extensive IDS research library.

    12000 West Park Place, Suite 100
    Milwaukee, WI 53224-3007
    (414) 577.2658
    Info » | Directions »