The Perkins Loan is a low interest loan (currently 5%) designed to help undergraduate and graduate students pay for educational expenses. To be considered for a Perkins Loan, a student must:
- have unmet financial need
- have a cumulative college GPA of 2.5 if an undergraduate, a cumulative college GPA of 3.0 if a graduate, or an ACT composite score of 23 if an entering freshman without a college GPA.
Funds are limited; therefore, students who complete their financial aid files by the published priority deadline will be given first consideration. The normal award amount is $1000 per quarter for undergraduates and $1,000 per quarter for graduates. Students are not required to make any payments on this loan while enrolled on at least a half-time basis. There is also no interest charged during this period of enrollment. Repayment of this loan begins 9 months after the date the student ceases to be at least a half-time student.
The Perkins Loan award will not be credited to your student account until you sign a Master Promissory Note in the Financial Aid Office and complete a Perkins Entrance Interview online. In past years, borrowers completed a separate promissory note for each new Federal Perkins Loan. Now, in most cases, you will sign only one Master Promissory Note that will be used for all your Federal Perkins Loans at Louisiana Tech. Your Perkins funds will be credited to your student account by the day after the end of the quarterly drop/add period. Loans without a signed Master Promissory Note and/or Perkins Entrance Interview will be canceled on the 9th class day.
After you graduate, leave school, or drop below half-time enrollment, you have a nine-month grace period before you begin repayment. You will be sent information about repayment, and you will be notified of the date repayment begins. Contact Mary Thomas or Patty Gay in the Comptroller's Office at (318) 257-2031 or firstname.lastname@example.org for additional information about repaying your student loan.