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Federal Perkins Loans

Federal Perkins Loans

All eligible students will be initially considered for Federal Perkins Loans. These loans are typically given to the most financially needy students. In order to apply for the Perkins Loan, you must complete the Free Application for Federal Student Aid (FAFSA) or a renewal FAFSA. First consideration is given to students who complete FAFSA before April 15 unless funds are exhausted prior to that date. If you receive a Federal Perkins Loan it will be detailed in your financial aid award letter.

Loan Entrance Interview

All Federal Perkins Loan recipients must complete loan entrance counseling and a Master Promissory Note (MPN). You will be notified when your entrance counseling and MPN are available for you to complete, usually after the add/drop period of the semester.

Do I Complete a MPN Every Year?

Each student borrower only needs to complete the MPN once during an academic career, but will be required to complete entrance counseling each year the Federal Perkins Loan is awarded.  Students awarded Federal Perkins Loans at other colleges or universities must complete the entrance counseling session and new MPN for Point Park University.  The student borrower should also contact the Registrar's Office about having their previous Federal Perkins Loans deferred.

Loan Disbursement

Funds are transferred onto your student account after the add/drop period (typically two weeks) to which you will be notified of all initial and subsequent disbursements. As the student borrower you have the right to cancel an individual disbursement and/or the MPN at any time. 

Repayment

Repayment begins nine months after you graduate, conclude your education, or are no longer enrolled for at least six credits. Repayment may be extended over a ten-year period. Read important information about Federal Perkins Loan repayment for Point Park University students.

For More Information

Read more about campus-based aid, including Federal Perkins Loans at the federal government's student aid website.