Perkins Loan
The Federal Perkins Loan is administered by the university. The loan is offered to students based on application date, level of need, and funding level of the school from governmental funds. Federal Perkins Loans are awarded to students with exceptional need. The Perkins Loan has a 5% fixed interest rate.
How much can I borrow?
$4,000 for each year of undergraduate study
The aggregate limit for an undergraduate student is currently $20,000 if you have completed two years (30 credit hours) of undergraduate work; otherwise, the total you can borrow is $8,000.
$6,000 for each year of graduate or professional study
The aggregate limit for a graduate or professional student is currently $40,000, including any loans you have borrowed as an undergraduate.
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The Federal Perkins Loan is deferred for up to 9 months after graduating, leaving the university, or dropping below half-time attendance; however, you may have longer than 9 months if you are on active duty with the military.* This 9 month timeframe is called a "grace period." At the end of the grace period, you must begin repaying your loan.
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You are allowed up to 10 years to repay the loan. This loan is to be repaid through the ECSI.
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The monthly payment amount will depend on the dollar amount of your debt and the length of your repayment period.
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Under certain circumstances, you can receive a deferment or forbearance on your loan. Deferments or forbearances are not automatic; you must contact and apply through the ECSI.*
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A loan may be canceled if the borrower dies or becomes totally and permanently disabled. A loan can also qualify for cancellation under certain other conditions as long as the borrower is not in default.*
*Only ETSU can grant deferments, forbearances, or cancellations, or make other decisions concerning your loan.