Federal Perkins Loan at OSU
| Type of aid | Loan--This must be repaid |
| Need-based? | Yes |
| Limited funds? | Yes |
| Award made by | Oklahoma State University |
| Application | Free Application for Federal Student Aid (FAFSA) |
| Deadline | As soon after January 1 as possible. |
| Other | Awarded only to undergraduate, graduate or professional students who demonstrate exceptional financial need. Refer to Required Reading for terms and conditions. |
A Federal Perkins Loan is a low-interest loan for undergraduate and graduate students with exceptional financial need. OSU receives a specific amount of Perkins Loan funds for the year. Priority for these limited funds is given to students who complete the application process, including providing requested documentation to the Office of Scholarships and Financial Aid, earliest and who demonstrate exceptional financial need.
The interest rate on the Perkins Loan is fixed at 5%. If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on either the principal or the interest.
Oklahoma State University acts as the lender on this loan, which is made with government funds. Repayment of your Perkins Loan will be made to OSU. You may be allowed up to 10 years to repay your loan. The amount of your monthly payment will depend on the amount of your debt and the length of your repayment period.
| Examples of Typical Payments for Perkins Loan Repayment | ||||
|---|---|---|---|---|
| Total Loan |
Number of Payments |
Monthly Payment |
Total Interest |
Total Repaid |
| $4,000 | 120 | $42.43 |
$1,091.01 | $5,091.01 |
| $5,000 | 120 | $53.03 |
$1,364.03 | $6,364.03 |
| $15,000 | 120 | $159.10 |
$4,091.73 | $19,091.73 |
The amount of Federal Perkins Loan for which you qualify will be listed on SIS-Web. Funds are credited to your OSU student account each semester once you have signed the promissory note issued by the OSU Bursar's Office. Funds are used to cover any tuition, fees, on-campus room and board or other direct institutional charges you may have incurred.
You should complete the Title IV Fund Payment Authorization form, available from the OSU Bursar's Office, to indicate whether you want Title IV funds (including Perkins Loan) to be applied to all charges or restricted to specific direct charges only. Once charges are paid, if your account has a credit balance, you will receive a refund from the Bursar's Office.
