Page last updated on August 4, 2016
The Federal Perkins Loan program provides long-term, low-interest loans to students through Pitzer College.
The Federal Perkins Loan is only available to students packaged with one as part of their financial aid award.
How Much Can I Borrow?
Federal Perkins Loans are awarded by the Financial Aid Office to students with financial need and may range up to a maximum of $5,500 per year.
If you have been awarded a Federal Perkins Loan as part of your financial aid package, you may choose to accept the full amount of the loan offered, decrease it or decline it. However, the loan may not be increased over the amount of the original award without the approval of the Financial Aid Office. If you choose to decrease or decline the Federal Perkins Loan in your package, no compensation can be made in either grant or employment allotments.
Interest Rate and Loan Fees
The interest rate on the Federal Perkins Loan is 5%, and no interest is charged while you are in school. The Federal Perkins Loan has zero fees.
Master Promissory Note
The Federal Perkins Loan Master Promissory Note allows you to borrow Federal Perkins Loans for your entire college career by signing only one note. It can be used for a single period of enrollment (one academic year) or for multiple periods (such as your first through senior years).
This note is valid for up to ten years from the original date of signature. It is very important that you understand the long-term commitment you are making by signing this note. We encourage you to record all amounts that you borrow and keep all of your loan paperwork together so you can keep track of your cumulative borrowing.
How and When Do I Get My Loan Money?
Federal Perkins Loan funds are disbursed in two equal installments, normally once each semester. You must be enrolled on at least a half-time basis (two courses) when the loan is disbursed to be eligible to receive the funds. Your Federal Perkins Loan funds will be credited to your student account and will reduce the amount you owe the school.
When Do I Have to Pay Back My Loan?
Repayment of the principal and interest begins nine months after you have graduated or cease to be enrolled at lease half-time. All loans must be repaid within ten years. Deferment and cancellation privileges are detailed in the promissory note. We encourage you to review it carefully. If you borrow a Federal Perkins Loan, you are required to complete an exit interview at the time you graduate or withdraw from the College.
Steps to Applying for a Federal Perkins Loan
New Borrowers Only
- Review your financial aid award letter and confirm that you have been awarded a Federal Perkins Loan. If you have not been awarded a Federal Perkins Loan as part of your financial aid package, you are not eligible to borrow through this loan program.
- Complete the Federal Perkins Loan Request Form and return it to the Financial Aid Office. You must mail this form to us.
- Complete the Federal Perkins Loan Master Promissory Note (MPN) and return it to the Financial Aid Office. You must mail the Master Promissory Note with an original signature to us.
- Complete the Federal Perkins Rights and Responsibilities Form. You must mail this form to us.
- Complete the Personal Information Form. You must mail this form to us.
- Complete your mandatory Federal Perkins Loan Entrance Interview. You may do this by going to www.mappingyourfuture.org. Click on Entrance Counseling on the left hand side of the screen.
The mailing address for these forms is:
Financial Aid Office,
1050 N. Mills Avenue
Claremont, CA 91711-6101