You must be sure to complete ALL steps outlined below on or before 09/28/2017 to ensure you will receive your Perkins Loan funds for 2017-18.
Federal Perkins Loan – This loan is funded by the federal government. TU adds a matching share plus repayments from alumni. Aggregate loan limits are established at $60,000 for graduate students (including undergraduate Perkins Loan amounts), $11,000 for freshmen/sophomore undergraduates and $27,500 for junior/senior undergraduates. The maximum annual loan limit amount is up to $8,000 for a graduate student or up to $5,500 for an undergraduate student. The amount of the loan awarded to you depends on your financial need and the availability of funds at TU. Since Perkins Loan funds are limited, it is important you accept or decline your Perkins Loan in a timely fashion. You can do so by electronically accepting your award on the TU Portal.
NOTE: TU reserves the right to rescind Perkins Loan eligibility.
This information is effective for the Perkins Loan Program for the 2016-2017 academic year through September 30, 2017.
Federal Perkins Loan Program Extension Act of 2015 (the Extension Act), enacted on December 18, 2015, extends the Perkins Loan Program through September 30, 2017. Per the changes in the Extension Act, effective December 18, 2015, schools participating in the Perkins Loan Program may make Perkins Loans as specified below:
|A school may make Perkins Loans through –||To an –||Who, on the date of disbursement –||If the school has awarded the student –|
|September 30, 2017||Eligible current undergraduate student (for first undergraduate degree)||Has an outstanding balance on a Perkins Loan made by the school.||All Direct Subsidized Stafford Loan aid for which the student is eligible.|
|September 30, 2017||Eligible new undergraduate student
(for first undergraduate degree – any student without a Perkins Loan outstanding balance)
|Does not have an outstanding balance on a Perkins Loan made by the school.||All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.|
Below is Perkins information that was in effect for the 2015 -2016 academic year and was not made available to freshmen, sophomores or transfers. The first Perkins Loan disbursement must be accepted and funds posted to the borrower’s student account in the TU Bursar’s Office PRIOR to September 30, 2015. If the deadline is missed, and according to federal regulations as it relates in the case of the Perkins wind down as of September 30, 2015, a school may make a new Perkins Loan to a student after September 30, 2015, if ALL of the following conditions are met:
- The school made at least one Perkins Loan disbursement to the student on or before June 30, 2015.
- The student is enrolled at the same institution where the last Perkins Loan disbursement was received. For example, a student who received a Perkins Loan disbursement for enrollment at School A, and then received a Perkins Loan disbursement at School B would be considered to be an eligible borrower at School B, provided all other conditions are met, but not for a subsequent enrollment at School A.
- The student is enrolled in the same academic program for which the student received his or her last Perkins Loan disbursement. We consider an academic program to be the same program only if the first four digits of the program’s Classification of Instructional Program (CIP) code are identical to the first four digits of the CIP code for the program for which the student received his or her last Perkins Loan disbursement.
- A Perkins Loan can be made to an eligible student to meet all or some of the student’s unmet need only after the student has been awarded all Direct Subsidized Loan aid for which the student is eligible.
- TU’s Perkins Loan electronic signature process is administered through University Accounting Services (UAS is TU’s billing processor) for borrowers to sign their Perkins Master Promissory Note (MPN) and complete loan counseling. A new borrower will be required to sign a MPN and complete loan counseling. Note: You will complete the MPN only once, but will be required to complete loan counseling each academic year.
After you electronically accept your award on the TU Portal, you will receive an email from SignMyLoan@signmyloan.com providing instructions on how to complete the acceptance process at signmyloan.com. You will not be able to sign your MPN or complete loan counseling until you receive an email from SignMyLoan. As a returning borrower, you do not have to complete a new MPN. When the TU Bursar’s Office receives notification you have completed your acceptance process, then your Perkins Loan funds will be posted to your student account in the TU Bursar’s Office no earlier than the first day of class each semester.
If you complete the acceptance process after the first day of class, the TU Bursar’s Office will review weekly all notifications from signmyloan.com. Your Perkins Loan funds will post to your student Bursar account once notification is received. If the acceptance process is not completed before the end of the semester, the Perkins Loan will be cancelled. Mid-year borrowers will follow the same process as stated above for returning borrowers.
A Perkins Loan borrower must complete exit counseling prior to leaving TU at signmyloan.com. Repayment is made to UAS and begins 9 months after the borrower ceases to be enrolled at least half-time. The Perkins Loan interest rate is fixed at 5% at repayment. Perkins Loan forgiveness, cancellation or discharge is allowable under certain circumstances. The following links provide information regarding Perkins Loan forgiveness and cancellation opportunities: uaservice.com and https://studentaid.ed.gov/sa/repay-loans/understand/plans.
If you are having trouble making payments on your Perkins Loan, immediately contact the TU Bursar’s Office at 918-631-2606. If you default on your Perkins Loan, the credit bureau must be notified.
All loans made through the Department of Education’s federal student loan programs for students are submitted to the National Student Loan Data System (NSLDS) and are accessible by guarantee agencies, lenders, loan servicers, and schools determined to be authorized users of the data system.