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What is a Perkins Loan?
A Perkins loan is a Federal loan offered to domestic students with high financial need.
Students don’t apply for a Perkins Loan but Student Financial Services determines
a student’s eligibility based on their Federal need as well as the loan availability. The
Perkins loan is a revolving fund and as students repay their loans, it becomes available to
future Mount Holyoke students. Students must meet federal criteria to be eligible for this
loan. The interest rate on a Federal Perkins loan is fixed at 5% and students repay a Federal
Perkins loan over a period of ten years. The Master Promissory Note and Entrance Counseling
are required in order for a student to receive the Perkins loan and it be disbursed to their
student account. A Federal Perkins loan is repaid to Mount Holyoke College through a
servicer that’s contracted by Mount Holyoke, called ACS education services.