THE FEDERAL PERKINS LOAN PROGRAM
What is a Federal Perkins Loan?
The Federal Perkins Loan Program (formerly the National Direct Student Loan Program-NDSL) is governed by Title IV of the Higher Education Act of 1965, as amended. This program provides low interest, long-term loans through the Institutional Office of Financial Aid and is referred to as a campus- based loan program. Institutions such as Dowling College are responsible for administering the program directly. Applicants must be either formally accepted for admission or currently in attendance at the university as full time students. Undergraduate students who meet the financial need factor may borrow up to $5,500 per year.
Benefits of the Program:
* 5% fixed rate of interest
* 9 months grace period (during which time, no interest accrues) from the time the student is no longer enrolled, or falls below half time status in school.
* Up to ten years to repay the loan
* Helps students establish credit
* Offers various options for deferment and cancellation, such as returning to school, serving in active duty in the military and teaching in critical shortage areas.
All students awarded Non-Campus Based and/or Campus Based Loans must complete the entrance counseling before funds disburse to students’ accounts. The Perkins Loan entrance counseling is completed once as a first time borrower at Dowling College.
Federal regulations and Dowling College policy require that students who borrow a Federal Perkins Loan must complete an exit counseling before leaving school (graduate) or drop below half-time (6 credits). This requirement is in place so that you will receive essential information regarding your rights and responsibilities as a student loan borrower.
Exit counseling is completed online. To complete your counseling, click on the link below.
Students who fail to complete the exit counseling will have a hold placed on their records. Holds restrict all college services, including registration, the release of transcripts and diplomas.