Understanding
Perkins loans provide fixed low interest rates (5%) and are available to students who demonstrate financial need based on income and other information provided on the FAFSA. A credit check is not required to receive these loans and there is no origination fee. The federal government pays the interest until nine months after the student is no longer enrolled in school at least half-time. Perkins loan funding at UNI is limited.
Accepting
If awarded a Perkins loan, students must complete the entrance questionnaire and the promissory note online by clicking on the enote link next to the Perkins Loan on the Award Notification (under the Finances tab in MyUNIverse). Students awarded a Perkins Loan must complete a promissory note each year they are awarded this loan. Perkins loans that are declined are awarded to other students.