Federal Perkins Loan

The Federal Perkins Loan (formerly called the National Defense
and National Direct Student Loan) is a federally funded
low-interest loan.

OSU is the lender using funds from the federal government and/or payments collected from previous borrowers.

The interest rate on the Perkins Loan is five percent, and
repayment starts nine months after you leave school or
graduate.

In order to apply for the Perkins Loan, you must complete the
Free Application for Federal Student Aid (FAFSA) for the
appropriate school year. You need to submit your FAFSA in
January or early February to allow time for processing.

Perkins is awarded on a first come first serve basis. In addition,
you must have financial need in order to qualify for a Perkins
Loan. In general, OSU makes Perkins Loans that average $6000 per
school year to be disbursed in equal semester payments, i.e., $3000
per semester for two semesters per academic year.

If you are awarded and do not decline your Perkins Loan, you will need to complete a Federal Perkins Loan Master Promissory Note. This and other needed forms for the Perkins loan will be mailed to you from the Bursar’s Office. You need to complete the required forms and return them to the Bursar’s Office.