The Federal Perkins Loan Program has been discontinued.
The US Department of Education sets the regulations and policies governing Federal Perkins loans. As of June 30, 2018, authorization for Perkins loans was not renewed by Congress, the program has ended, and no new loans may be awarded.
For existing Perkins loans, repayment, deferment and forgiveness options will not change. The interest on the loans remains at 5% APR, and the Georgia Tech Bursar’s office will continue to service these loans.
Georgia Tech offers Perkins Loans to applicants who demonstrate exceptional financial need. Eligible undergraduates may borrow up to a maximum of $5,500 per year, for undergraduate study.
Interest Rate and Payment Terms
The interest rate for Perkins Loans is a fixed rate of 5 percent. Interest does not accrue while the borrower remains in school at least half time or during a nine-month grace period that follows. Repayment begins nine months after the borrower is last enrolled at least half time, and may extend up to a maximum of 10 years with no prepayment penalty.
Timing of Disbursements
Funds are credited to a student's account two to three days prior to the first day of the semester.
Delivery of Funds
Awarded funds are credited to a student's account against monies owed the Institute. If the application of the loan proceeds results in a credit balance, a refund of this balance will be issued via direct deposit by the Bursar's Office.
Loan Exit Counseling
Borrowers are required to receive loan exit counseling when enrolled less than half time or upon graduation. These sessions are conducted by the Bursar's Office.
Department of Education Ombudsman
The Department of Education has an Ombudsman's Office. You may contact this office through the methods listed below.
Office of the Ombudsman
Student Financial Assistance
U.S. Department of Education Rm. 3012
ROB #3 7th and D Streets
SW Washington, DC 20202-5144
This website last updated/reviewed on 07/24/18