The Ohio State University
The Federal Perkins Loan Program is currently in a state of transition. Absent further Congressional action, the program will be phased out after September 30, 2015.
Although Perkins Loan offers can be made for the 2015-2016 academic year, there are no guarantees that offers can be made to students in subsequent academic years. This is especially relevant to students who are new to the university during the 2015-2016 academic year. There are some tentative guidelines in place to accommodate students who were enrolled at the university prior to the 2015-2016 academic year.
Please keep this information in mind as you manage your financial aid award for the 2015-2016 academic year.
The Federal Perkins Loan ("Perkins") is a fixed-rate, low interest, need-based federal loan administered by The Ohio State University. Eligible borrowers must be U.S. citizens or eligible non-citizens enrolled at least half-time in a degree program, maintain Satisfactory Academic Progress (SAP) for financial aid eligibility, and meet all other requirements listed as Student Responsibilities.
To apply and be considered for a Federal Perkins Loan you must:
An undergraduate student, if need justifies, is eligible for an annual maximum limit of $5,500 with an aggregate maximum of $27,500.
Please note: Due to limited funding, Ohio State may not be able to award the maximum Perkins allowable by program guidelines.
The Perkins Loan interest rate is currently 5%. No interest accumulates while you are enrolled at least half-time or during the nine-month grace period. Repayment of principal and interest begins nine months after you graduate, withdraw, or drop below half-time enrollment. Borrowers may be allowed up to ten years for repayment of this loan.
For more details, see The Student Guide, an official publication of the U.S. Department of Education, available in our office. You may also access numerous loan repayment calculators at www.finaid.org or www.ed.gov/directloan.
You have the right to cancel all or part of your federal loan disbursement within 14 days of official notification. See complete loan cancellation procedures.
In order to receive this award, you will need to complete the acceptance online at your Student Center, accessible via Buckeye Link.
After accepting the Perkins Loan, you must complete and sign a promise to repay (also known as a promissory note). Borrowers have two options to complete the promissory note:
Once the note is completed, signed, and if paper, returned to the Office of the University Bursar, the funds will be disbursed to your account.
If you wish to decline or reduce the loan, you may do so online at your Student Center, accessible via Buckeye Link. To decline or reduce the loan after having accepted it, you may complete the Report Your Changes form or contact us via your osu.edu e-mail account at firstname.lastname@example.org.
You may receive Perkins assistance as long as you continue to meet all eligibility criteria, including SAP, for receipt of federal aid.
Please note: If your FAFSA information changes as a result of verification, your award may change.
Once you graduate, withdraw, or drop below half-time enrollment, you are required to complete an exit interview to understand your rights and responsibilities and repayment terms. If you fail to repay your student loan(s), you may default on your loan. Default occurs when you become 270 days delinquent in making payments on your loans. If you default:
To complete the Online Exit Interview, go to the Office of Financial Services website and click on "Online Exit Interview" in the Quick Links menu.
, Student Financial Aid | 4th Floor SAS Building | 281 W Lane Ave | Columbus, Ohio 43210
Phone: 614-292-0300 Toll-free: 800-678-6440 to reach SSC | Fax: 614-292-5587 | E-mail: email@example.com
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