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 Northwestern's Student Loan Office.
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 Loan Office
Borrower: Undergraduate, graduate and professional students
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.
- 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 Loan Office FAQ for information related to the Perkins Loan.
Rate type: Fixed
Current rates: 5%
- In school: No
- In grace period: No
- In deferment: No
- In forbearance: Yes
- 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 the Student Loan Office with questions and to apply. Annual certification is required.
Forbearance: Refer to your promissory note for details. Contact the Student Loan Office with questions and to apply.
Cancellation: See the Perkins Discharge/Cancellation Summary. Refer to your promissory note for details. Contact the Student Loan Office 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