Federal Perkins Loan Program
A Federal Perkins Loan is a low-interest (5%) loan for eligible undergraduate and graduate students with exceptional financial need. This is a campus-based program. Hawaii Pacific University is the lender on the Perkins Loan. The loan is made from federal government funds and Hawaii Pacific University funds.
If you qualify for a Federal Perkins Loan, the Financial Aid Office will notify you by mail of the amount of Perkins Loan funds for which you are eligible. You must complete and sign a Perkins Promissory note to receive your Federal Perkins Loan funds.
Entrance Interview Information
Before you receive a Federal Perkins Loan, you are required by federal regulation to complete an entrance counseling session. The session will show you how to manage your student loans, both during and after college.
More information on borrower's responsibilities, Federal Perkins Loan, appears in the Federal Student Guide.
Perkins Loans are disbursed once all requirements have been met.
Exit Interview Information
Before you graduate, or drop below half-time attendance, you are required by federal regulation to complete an exit counseling session. The session will show you how to manage your student loans after college.
More detailed information on borrower's responsibilities, Federal Perkins Loan, appears in the Federal Student Guide.
Repayment of Perkins Loans
Hawaii Pacific University uses a billing service provider (ACS, Inc. – Education Services) to handle all Perkins accounts. This service allows you to make online payments, apply for deferments, consolidate your loans and obtain other benefit information. (acs-education.com)
The rate of interest on the loan is 5% per annum on the unpaid balance.
For more information on the Federal Perkins Loan Interest Rates, see the Federal Student Guide.
Grace Period, Repayment, Deferments and Cancellations
First-time borrowers after July 1, 1987, are given a nine-month grace period after attendance and a six-month grace period following a deferment.
For more information on repayments, deferments and cancellations of Federal Perkins Loans, see the Federal Student Guide or go to the ACS, Inc. – Education Services Web site to download the necessary forms and/or to make a payment. (acs-education.com)
For information regarding loan consolidations, see the Federal Student Guide.