Federal Perkins Loan
Funds for the Federal Perkins Loan program are allocated to the Institution by the U.S. Department of Education. Eligibility for a Perkins Loan is determined from the information students provide on the Free Application for Federal Student Aid (FAFSA). Loans are made directly to students with Georgia Tech as the lender.
Application Procedures
Students complete the Georgia Tech Application for Scholarships and Financial Aid and the Free Application for Federal Student Aid (FAFSA). When completing the Georgia Tech Application for Scholarships and Financial Aid, check "Yes" for Institutional Loans.
Loan Limits
Georgia Tech offers Perkins Loans to applicants who demonstrate exceptional financial need. Eligible undergraduates may borrow up to a maximum of $4,000 per year, to an aggregate total of $20,000 for undergraduate study.
Interest Rate and Payment Terms
The interest rate for Perkins Loans is a fixed rate of 5%. 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 2-3 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 by:
Internet: http://fsahelp.ed.gov or http://ombudsman.ed.gov
Telephone: (877) 557-2575
Mail: 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 on 06/30/08