What is a Perkins Loan?
The Perkins Loan is a federal loan program administered by Marist College to assist students who are in need of a loan to meet their educational expenses.
How are Perkins Loans awarded?
The Federal Perkins Loan is awarded annually, on a basis of financial need, other financial resources available to the student, total funds available to the college, and satisfactory academic performance of the student (both cumulative Grade Point Average and credit accumulation standards as established by Marist College).
How long do I have to repay this loan?
A student may be allowed up to 10 years to repay the loan.
Am I eligible for a deferment?
You may be eligible for a deferment, if you meet one of the following requirements:
- If you are enrolled in an institution of higher learning with at least six credits or more.
- If you are pursuing a course of study in an approved fellowship program or approved rehabilitation training program for disabled individuals.
- If you are unable to find full-time employment (3-year limit).
- If you are experiencing economic hardship (3-year limit).
- If you are engaged in services described under the cancellation provisions.
- If you are in a residency program in dentistry.
What is the interest rate?
The interest rate is currently 5%.
What happens with my Perkins Loan after I leave Marist?
When enrollment at Marist ceases, your Perkins Loan will enter a grace period of 9 months. During this grace period, interest does not accrue. You may pay off your entire balance, without interest, during this time if you wish.
When is my first payment due?
The first payment of principal and interest becomes due 12 months after leaving the school or after reducing enrollment status to less than 6 credit hours per term. Interest begins to accrue after nine months.
Who do I notify with a change of address?
You must contact a Perkins Officer at Marist College, in The Office of Student Financial Services, 3399 North Road, Poughkeepsie, NY 12601; 845-575-3230, with any address change, or name change.