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The Student Loan Office ensures compliance with the federal regulations
and guidelines and maintains the promissory notes that pertain to the
Federal Perkins Loan program. After a student borrower leaves or
graduates from the University, the Student Loan Office is responsible for the collection
of those loans. The Student Loan Office maintains the guidelines, promissory
notes, and collection of the University (emergency) Loan Fund. For eligibility
information regarding a Federal Perkins Loan, contact the
 Office
of Financial Aid to begin the application process.
For additional information regarding student aid, please
review the
Federal
Student Guide.
RECEIVING FEDERAL PERKINS LOAN FUNDS:
Once you received your Perkins Award
notice you will need to complete the following items online and visit
the Office of Student Accounts to sign your "Master Promissory Note".
Your Perkins award cannot be disabused until you complete all of the following:
After the above are completed, you
will need to visit the Office of Student Accounts to sign the Master Promissory
Note for your Perkins Loan. Your loan will be disbursed to your account within
3 business days of signing your Master Promissory Note (MPN) after the semester
begins. If you MPN was was signed prior to the start of the semester, your
loan will be disbursed approximately 10 days prior to the beginning of the
semester. If you have received a Perkins loan in the past, verify with the
Student Loans
Office
at 575-3448 that your MPN is still active before signing a new Master Promissory
Note.
ABOUT THE FEDERAL PERKINS
LOAN:
The Federal Perkins Loan is awarded
based on need for students attending at an institution of higher education.
The maximum yearly award amount is 4,000.00 for undergraduate students and
$6,000.00 for graduate/law students. In order to receive Perkins Loan funding
after accepting the loan award, borrowers MUST sign a Master Promissory Note
(MPN). The MPN is a legally binding promise to use loan funds for educational
purposes and to repay the loan within the 10-year repayment period (review
the Repayment page for additional information).
The University of Arkansas requires
that borrowers sign a Master Promissory Note before the Perkins Loan funding
is released to the student account balance. The borrower is only required
to sign a MPN once for a 10 year period. If initial funds are not disbursed
within 12 months of the MPN being signed, the borrower MUST sign a new
MPN before funds can be disbursed to the account. Perkins Loan funds are
not
directly disbursed to the student. Funds are applied to the borrower's student
account
balance before remaining funds are disbursed to the student.
Once the Perkins Loan repayment
period begins, the borrower will receive a repayment schedule, outlining
payment amounts and deadlines. The minimum allowable payment toward the Perkins
Loan is $40.00. Any payment amount above $40.00 will not be penalized. A
borrower will not be penalized for early repayment. Interest will accrue
on the Perkins Loan while in the repayment period. 5% interest will accrue
on any unpaid principal loan balance. Interest will not accrue on collection
costs, late fees or other costs that may be associated with a Perkins Loan.
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