Note: This information is applicable to the 2011-2012 academic year. This information may change for other academic years.

Step 1: Understanding the Federal Perkins Loan

Federal Perkins loans are available to students with higher need. There are no fees, and interest does not accrue while you are enrolled at least half time. Upon graduation, leaving school, or entering less-than-half-time status, you enter a nine-month grace period. After the grace period, interest is charged at 5% and regular payments on the loan must be made. You may borrow up to $5,500 per year under this program.

Step 2: Obtaining Your Loan

If a Federal Perkins loan has been awarded to you, you may complete a Federal Perkins loan entrance counseling online. Entrance counseling ensures that you understand your rights and responsibilities as a borrower. Upon arriving on campus, you will be asked to sign a promissory note for the loan.

Step 3: Follow-up

Upon graduation (or leaving school or entering less-than-half-time academic status), you will be notified by e-mail on how to complete loan exit counseling. University Accounting Service, LLC, services all Bethany Federal Perkins loans.