The Federal Perkins Loan is a low-interest, long-term loan which is provided by the federal government and NNU. This loan is awarded on the basis of financial need as determined by the student's Free Application for Federal Student Aid (FAFSA) analysis.
NNU has very limited Perkins loans funds to offer its students in the coming year. The NNU Financial Aid Office will try to assist as many students as possible with the loan funds that are available, helping first the neediest students and those who met the priority filing deadline (March 1st) for the FAFSA.
- Students must be enrolled at least half time and making satisfactory academic progress.
- The interest rate is fixed at 5.0%.
- Interest begins accruing nine months after the student leaves school.
- Students eligible for a Direct subsidized loan must have that amount taken into consideration prior to awarding of the Federal Perkins Loan. Even if the student does not receive a subsidized loan, the eligible subsidized loan amount must be taken into account when determining the amount of Perkins Loan for which the student is eligible.
**IMPORTANT** Due to federal legislative changes made by Congress, the Federal Perkins Loan program has undergone recent changes; most notably the program will sunset and new loans will no longer be available after September 30, 2017.
|A school may make Perkins Loans through--||To an--||Who, on the date of disbursement--||If the school has awarded the student--|
|September 30, 2017||Eligible current undergraduate student||Has an outstanding balance on a Perkins Loan made by the school.||All Direct Subsidized Stafford Loan aid for which the student is eligible.|
|September 30, 2017||Eligible new undergraduate student||Does not have an outstanding balance on a Perkins Loan made by the school.||All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.|
Please click here to access more information on Perkins Loan repayment and credit.
For more information on the Federal Perkins Loan program, please visit www.studentaid.ed.gov.
Please contact the Office of Financial Aid for any questions about your financial aid package.