Federal Perkins Loans are low-interest loans for undergraduate student who complete a FAFSA
and demonstrate exceptional financial need. This program ends September 30, 2017.
Under section 461(b)(1) of the Higher Education Act of 1965, as amended (the
HEA), the authority for schools to make a Federal Perkins Loan ended on
September 30, 2014, with an automatic one-year extension pursuant to section
422(a) of the General Education Provisions Act (GEPA). Thus, absent
Congressional action, schools may no longer make Federal Perkins Loans to
new borrowers or graduate students.
Must be fully admitted as a degree-seeking student in an undergraduate program at ISU.
Must be enrolled at least half-time when the loan is expected to be disbursed.
Borrowers must complete the Master Promissory Note (MPN), as well as
Entrance Counseling, in person with the Office of the Controller. Entrance
Counseling provides helpful borrower information on important topics such as entering repayment, debt management, default resolution,
and the mechanics of paying back your loan. Please note that the MPN must be signed each year.
Interest is assessed at 5% APR fixed once the student drops below half-time enrollment or graduates. Interest will not
collect while the student is enrolled in 6 or more credit hours.