Perkins Loan Information
Perkins Loans are low-interest loans offered through Washburn University for undergraduate and graduate students who demonstrate financial need, as determined by the Financial Aid office, which awards Perkins loans as part of your aid package. Unlike other federal loans, Perkins loans are managed by the Washburn University Business Office.
- You must accept a Perkins loan, just like other financial aid, when the Financial Aid Office makes them available. Perkins loans are not available every semester, depending on the fund balance.
- Once the Perkins loan is accepted, the Business Office notifies University Accounting Services (UAS), an agency used by Washburn to help manage and service Perkins loans.
- UAS will e-mail you instructions on how to complete the Master Promissory Note (MPN) and entrance counseling for your Perkins loan. You will need the PIN you used for your FAFSA to complete this step.
- Once the MPN and entrance counseling requirements have been satisfied, the loan funds will be disbursed to your student account.
- After disbursement, any excess financial aid will refund to you according to the refund schedule for the term.
As long as you are enrolled at least a half-time, the Perkins loan will be in a deferred status with no action required by you. If you transfer to another institution and continue attending on at least a half-time basis, the deferred status will continue but you must provide Washburn documentation of enrollment. Once you graduate or drop below half-time enrollment, a grace period will begin and you must make repayment arrangements. There are several repayment options available:
- If you are employed in certain professions such as nursing, law enforcement, special education and several other occupations, it is possible to have the loan cancelled.
- It is possible to consolidate Perkins loans with other federal loans to lower monthly payments.
- Monthly payment arrangements may be made with UAS to repay the loan.
- In the event of temporary financial difficulties due to illness, unemployment, or other reasons, you may be eligible for a forbearance to delay repayment of the loan.
Please contact the Business Office if you need assistance with any of these repayment options.