A Federal Perkins loan is a low interest (5%) loan for undergraduate and graduate students with exceptional financial need.
- Enrollment in an eligible school at least half-time in a degree program
- U.S. citizenship, permanent residency, or eligible non-citizen status
- Satisfactory academic progress
- No unresolved defaults or overpayments owed on Title IV education loans and grants
- Satisfaction of all Selective Service requirements
The U.S. Department of Education provides a programmed amount of funding to the school. In turn, the school determines which students have the greatest need. The school combines federal funds with some of its own funds for loans to qualifying students.
Perkins loans share many of the characteristics of subsidized Stafford loans. The most notable differences are no fees and a longer grace period.
If you have previously borrowed funds from the Federal Perkins Loan program at Saint Louis University, simply accept your Perkins eligibility through Banner Self-Service.
If you have not previously borrowed funds from the Federal Perkins Loan program at Saint Louis University, accept your Perkins eligibility through Banner Self-Service and complete a Master Promissory Note (agreement between borrower and lender). Go to SignMyLoan.com by clicking here to electronically sign your Perkins Master Promissory Note. You will need your FAFSA PIN to electronically sign your Master Promissory Note.
The policies, regulations, procedures, and fees are subject to change without prior notice, if necessary, to keep Saint Louis University policies in compliance with State and Federal laws and/or with rules and regulations of Saint Louis University.