Perkins Loan FAQ
What is a Perkins Loan?
The Perkins Loan is a federal loan program administered by Vassar College to assist students who are in need of a loan to meet their educational expenses.
How are Perkins Loans awarded?
The Federal Perkins Loan is awarded annually, on a basis of financial need, other financial resources available to the student and total funds available to the college.
How long do I have to repay this loan?
A student may be allowed up to 10 years to repay the loan.
What is the interest rate?
The interest rate is currently 5%.
What happens with my Perkins Loan after I leave Vassar?
When enrollment at Vassar ceases, your Perkins Loan will enter a grace period of 9 months. During this grace period, interest does not accrue. You may pay off your entire balance, without interest, during this time if you wish.
When is my first payment due?
The first payment of principal and interest becomes due 10 months after leaving the school or after reducing enrollment status to less than 6 credit hours per term. Interest begins to accrue after nine months.
Who do I notify with a change of address?
You should change your address with Campus Partners or you can contact the school.
www.mycampusloan.com, Campus Partners phone# – 800-334-8609