A loan is made when an institution (the government, a bank, etc.) provides a student or student’s parent(s) with money to borrow. Loans must be paid back in monthly payments usually beginning six to nine months after a student graduates from college or leaves the institution for any reason.
The Federal Perkins Loan program ended on September 30th, 2015. Future Perkins Loan awards will be extremely limited.
What you should know about Surviving Education Debt (PDF)
- For Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct Plus Loans:
- Master Promissory Note: For first-time borrowers of a Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct PLUS loans.
- Entrance Counseling: Required before you can receive your first Direct Subsidized Loan, or Direct Unsubsidized Loan as an undergraduate, or your first Direct PLUS Loan as a graduate/professional student.
- Exit Counseling: Required when you graduate, leave school, or drop below half-time enrollment and provides important information you need to prepare to repay your federal student loans.
- For Federal Perkins Loans:
- Entrance Counseling and Master Promissory Note: For first-time Federal Perkins Loan borrowers.
- Exit Counseling for Federal Perkins loan borrowers: Required when you graduate, leave school, or drop below half-time enrollment.