- Am I eligible to receive this loan?
- What is the interest rate and the grace period for this loan?
- Are there any fees associated with the loan origination?
- Why am I required to complete Entrance Counseling? I think I already completed it.
- Why do I have to fill out a new Perkins Authorization Form?
- 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?
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.
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.
No. Unlike Stafford Loans, there are no loan origination fees charged to the student for a Perkins Loan.
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.
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.