Federal Perkins Loans are low interest (5 percent), long-term loans to help pay for your educational expenses. These loans are made to undergraduate and are awarded based on need. No interest is charged while students are enrolled in school on at least a half-time basis.
To be considered for an award, the student must:
- be admitted to BSU as a degree-seeking student,
- be enrolled at half time (6 or more credit hours each semester),
- be a U.S. citizen or eligible noncitizen,
- demonstrate financial need,
- meet Satisfactory Academic Progress Standards as defined by the BSU Office of Financial Aid,
- not owe a refund on a federal student grant or be in default on a federal student loan, and
- not be enrolled in a program leading to a second associate or baccalaureate degree.
HOW TO APPLY:
In order to be considered for this loan, students must file the Free Application for Federal Student Aid (FAFSA) and have the results sent to the BSU Office of Financial Aid, ensuring that information provided on the application is complete and accurate. Failure to resolve any problems with the processing of the application, or delays in resolving the problems, may preclude the student from being considered for this loan.
** Please not that there is limited funding in this program and not all eligible students will receive an offer from this program.
AWARD AMOUNTS/LOAN LIMITS:
Award amounts are initially offered based on full-year, full-time enrollment and range from $1000 to $2,000. (Amounts may change based on available funding)
Students awarded a Federal Perkins Loan will be contacted by the Controller’s Office of BSU. Students must sign their loan note each year they borrow. Students who do not sign their promissory note by the designated time provided will have their loan canceled for the academic year.
The interest rate is 5 percent.
There are no fees deducted from each disbursement of a Perkins Loan.
Federal regulations require two disbursements of all Federal Perkins Loans. The first disbursement should be made during the fall semester provided that the Office of Financial Aid has received confirmation of the loan, that all documents have been received, and that there are no changes in expected enrollment status. The second disbursement should be made during the spring semester for fall/spring loans, provided there are no changes in expected enrollment status.
The lender for the Perkins Loan Program is Bowie State University.
The contact information is:
Bowie State University
14000 Jericho Park Road Bowie, MD 20175 (301) 860-3475
BSU's loan servicer for the Perkins Loan Program is Campus Partners.
The contact information is:
P.O. Box 2902
Winston Salem, NC 27102-2902
A student borrowing a Federal Perkins Loan must have an exit interview before leaving BSU or in the event they register less than half time (less than six credit hours).
Repayment begins nine months after you graduate, leave school, or drop below half-time status. You may be allowed up to 10 years to repay your loan. The amount of your payment depends on the size of your debt, but usually you must pay at least $40 per month.