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// Perkins Loans // FAQ - Current/Prospective Students
A Federal Perkins loan is a low-interest, long-term loan made through the Financial Aid Office to help needy undergraduate and graduate students pay post secondary educational costs. The current interest rate is 5%. Funds are administered on a revolving basis which means: while continually making loans to students, we are also receiving payments made on earlier loans. This is why it is critical for all students to repay their loans in order for other needy students to receive the same opportunity.
The Financial Aid Office, located in 109 South Hall, determines student eligibility for a Perkins loan. Awards are granted based on student financial need and the amount of Perkins funds available.
By July of each year students will receive, at their home mailing address, a Financial Aid packet identifying all aid they are eligible to receive. If you are eligible for a Federal Perkins loan you will receive, by the end of July, another packet which will include a Promissory Note, a Personal Data Sheet and a Statement of Rights and Responsibilities. This information must be completed and returned to the Perkins Loan Office, Room 128, Alumni Hall, Mansfield University.
You must complete the Federal Perkins Loan Promissory Note, Personal Data Sheet, and sign the Statement of Rights and Responsibilities form and return to the Perkins Loan Office, Room 128, Alumni Hall.
The first disbursement, each semester, occurs at the end of the second week of classes. If you miss the first disbursement, subsequent disbursements are made at two week intervals.
A Perkins loan is a serious obligation. It is extremely important that you understand your rights and responsibilities. You will be asked to sign a "Statement of Rights & Responsibilities" form. By signing this statement, it means you understand your responsibilities and agree to honor the statement. To view the contents of this statement click here. This signed statement will become part of your Perkins loan file and will remain on file until your Perkins loan is paid in full.
As indicated in the Statement of Rights & Responsibilities, students must notify the Perkins Loan Officer when you drop below half-time or do not return. You will be sent "exit interview" materials which must be filled out, signed, dated and returned to the Perkins Loan Office (address above). At this point, you should read informational items found on the former student frequently asked questions page.
If you have questions not addressed here, please e-mail the Perkins Loan Office and we will be happy to answer them for you.
Mansfield University is a community in the best sense of the word. We look out for each other. We push ourselves to dream big. We work hard to achieve success. We care. Mansfield welcomed its first student in 1857 – and to this day, the University continues to seek and serve students with big dreams for their futures.
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Mansfield PA 16933
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