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Northwestern University

Perkins Loan

The Perkins Loan is a federal loan offered as part of a financial aid package for undergraduate, graduate and professional students. While it is a federal loan, it is serviced by Student Finance.

The information below provides a partial list of the terms and conditions for the Federal Perkins Loan. Since these details vary by origination date and exact loan type, borrowers should refer to their promissory note for the actual terms and conditions for their loans. You can also contact Your Student Loan Representative with questions.

Loan type: Need-based

Lender: Northwestern University

Servicer: Northwestern University Student Finance

Borrower: Undergraduate, graduate and professional students

Co-maker: No

Application process: If eligible, you will be notified via e-mail to complete application procedures on the Campus Partners web site. Some Perkins loan borrowers will be required to complete entrance interviews, loan applications, and e-sign their loans on the site.

Promissory Notes: Perkins borrowers must sign the Master Promissory Note (MPN) promptly; your loan will be canceled if your note is not signed within the defined period. Once signed, the Perkins MPN remains in effect for multiple years of borrowing. Be sure to keep a copy of the Perkins MPN for your records.

Fees:

  • Application fee: None
  • Insurance fee: None
  • Origination fee: None

Loan disbursement: An equal portion of your annual loan amount is applied to your student account each term unless otherwise specified.

You can also review the Student Loans FAQ for information related to the Perkins Loan.

Rate type: Fixed

Current rates: 5%

Accrual:

  • In school: No
  • In grace period: No
  • In deferment: No
  • In forbearance: Yes

Grace period:    

  • 9 months after graduation or separation
  • 6 months after deferment

Notices are mailed 90, 60 and 30 days before payment begins.

Repayment period: 10 years

Payment schedule: Provided at your exit interview; signature is required.

Repayment start date: Nine months after graduation or separation

Prepayment: There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.

Minimum payment: $40 per month

Late charge: 5% of the scheduled payment

Report to credit bureau: Yes

Deferment: See the Perkins Loan column of the Federal Loan Deferment Summary, and refer to your promissory note for details. Contact Student Finance with questions and to apply. Annual certification is required.

Forbearance: Refer to your promissory note for details. Contact the Student Finance with questions and to apply.

Cancellation: See the Perkins Discharge/Cancellation Summary. Refer to your promissory note for details. Contact Student Finance with questions and to apply.

Repayment assistance: Assistance may be available if you serve in the military. For more information, contact your recruiting officer.

Federal loan consolidation: Yes

Delinquency and default: Transfer loan to collection agency, legal action

The Perkins Loan is serviced by Student Finance:

  • Telephone: 847-491-3125 (when calling outside of business hours, please call: 847-491-3126)
  • Email: studentloans@northwestern.edu
  • Address:
    555 Clark Street, 3rd Floor
    Evanston, IL 60208
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