Federal Perkins Loan

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Federal Perkins Loan
The Perkins Loan is awarded to students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.

Interest rate is fixed at 5%
No loan fees
You must have a FAFSA on file with Wayne State University
The Perkins Loan is a subsidized loan, with the interest paid by the federal government during the in-school and 9-month grace periods.

Complete Required Federal Perkins Loan Entrance Counseling

Perkins Promissory Note

If you are awarded a Federal Perkins Loan, you must complete and sign a Master Promissory Note (MPN) before the loan can be disbursed. The MPN lists the terms under which you are borrowing and agree to pay back the loan.

You must complete a new Federal Perkins Loan MPN every year.
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Federal Perkins Loan Repayment Assistance
MappingYourFuture.org Loan Cancellation, Forgiveness, and Discharge Chart

Repayment assistance (not cancellation) is available through the U.S. Department of Health and Human Services’ Nursing Education Loan Repayment Program (NELRP). This program will help repay student loans for registered nurses in exchange for their service in eligible facilities located in areas experiencing a shortage of nurses. All NELRP participants must enter into a contract agreeing to provide full-time employment in an approved eligible health facility for two or three years. Click here for more information.

Federal Perkins Loan Cancellation

Under certain conditions, a Federal Perkins Loan that is not in default can qualify for cancellation. A summary of the cancellation conditions is provided in The Student Guide.

Only the school that grants the Federal Perkins Loan can determine if the borrower is entitled to have any portion of the loan cancelled.

If you borrowed a Federal Perkins Loan while enrolled at Wayne State University, questions concerning cancellation should be directed to:

Office of Student Accounts Receivables
Wayne State University Welcome Center, 4th Floor, 42 West Warren Avenue
Detroit, Michigan 48202
(313) 577-3656

Perkins loan account information is sent to the National Student Loan Data System (NSLDS) near the end of each month. The billing agency receives enrollment updates on a bi-weekly basis.