Office of Student Financial Aid

Federal Perkins Loan Program at George Mason University

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Federal Perkins Loans are low interest (five percent), long-term loans to help pay for your educational expenses such as tuition, fees, room, board and books. These loans are made to undergraduate students with exceptional financial need by the Office of Student Financial Aid.

These are common questions students have about the Federal Perkins Loan program:

Who is eligible to apply?

Full-time and part-time undergraduate students may apply. The program is limited to U.S. citizens and permanent residents. Students must be enrolled in a degree-granting program. Non-degree students and guest students are ineligible for the Federal Perkins Loan Program. Perkins Loan funds are extremely limited so an early application is critical..

How do I apply for Federal Perkins Loans?

All undergraduate students interested in being considered for a Federal Perkins Loan at George Mason University must first complete the Free Application for Federal Student Aid (FAFSA). Once George Mason University has received your financial information, we will send you an award letter which will indicate whether or not you have been awarded a Federal Perkins Loan. You should complete all items on the award notification, indicate whether or not you are interested in accepting the loan offer, and return the award notification to the Office of Student Financial Aid. Once the award notification is processed, you will receive a promissory note and additional forms to complete. Complete the information required and return all the documents to the Office of Student Financial Aid. Proceeds from your loan will be applied against your university charges. If your current semester bill is paid from other sources, you will receive a refund in the amount of either your full loan proceeds or your loan proceeds less any charges owed.

How much can I borrow?

Depending on when you apply, your level of demonstrated financial need, and availability of Federal Perkins Loan funding at the university, you may be offered as much as $2000 per year as an undergraduate up to an aggregate maximum of $15,000.

What is the interest rate for Federal Perkins Loans?

The interest rate on Federal Perkins Loans is fixed at 5%.

How many hours must I be enrolled to be eligible to borrow?

If you apply for a Federal Perkins Loan as a full-time student, you should attend full-time for the entire loan period. If you apply for a Federal Perkins Loan as a part-time student , you should attend a least part-time for the entire loan period. You must be enrolled for a minimum of six credit hours each semester to be eligible to borrow for that semester. Failure to enroll as indicated on your award notification may result in the reduction or cancellation of your loan.

How are "full-time" and "part-time" defined?

Undergraduate Students
Credit Hours
Eligibility Status
0-5
not eligible with exception of Pell
6 - 8
eligible at half-time level
9 - 11
eligible at three-quarter time level
12+
eligible at full-time level

How are Federal Perkins Loans disbursed?

Once you accept this award and return the Notice of Award Acceptance to the Office of Student Financial Aid, a Perkins Master Promissory Note will be sent to you from our office. You must sign the Promissory Note and return it to the Office of Student Financial Aid. Your loan proceeds will be directly applied to your student account after the end of the refund period when your enrollment status has been verified.

If you have previously completed a Perkins Master Promissory Note at George Mason, then a new Perkins MPN will not be required.

When do I begin repaying my Federal Perkins Loan?

If you have an outstanding principal or interest owing on any Perkins or NDSL loan prior to July 1, 1987, you begin paying six months after you graduate, leave school, or drop below half-time status.

If you are a new borrower who has no previous outstanding principal or interest owing on any loan as of July 1, 1987, and you are attending school at least half-time, you begin repayment nine months after you graduate, leave school or drop below half time status.

You may contact www.campuspartners.com for repayment information and options.

Can I get a deferment on my repayment?

Under certain circumstances, you can receive a deferment on your loan. During deferment, no payments are required, and interest that accrues will be paid by the federal government. You cannot receive a deferment if your loan is in default.

You may receive a deferment under certain conditions, such as unemployment. If you have a Federal Perkins Loan that was first disbursed after July 1, 1993, you may be eligible for a deferment under one of the following circumstances:

  • at least half-time attendance at a postsecondary school
  • study in an approved graduate or postgraduate fellowship-supported program or in an approved rehabilitation training program for the disabled
  • unable to find employment (deferment up to 3 years)
  • economic hardship (deferment up to 3 years)
  • engaged in service in one of the following areas:
    • full-time teacher in a designated elementary or secondary school serving students from low-income families
    • full-time special education teacher -- includes teaching children with disabilities in a public or other nonprofit elementary or secondary school
    • full-time qualified professional provider of early intervention services for the disabled
    • full-time teacher of math, science, foreign languages, bilingual education, or in other fields designated as teacher shortage areas
    • full-time employee of a public or nonprofit child or family service agency providing services to high-risk children and their families from low-income communities
    • full-time nurse or medical technician
    • service as a full-time law enforcement or corrections officer
    • full-time service as a staff member in a Head Start Program
    • service as a VISTA or Peace Corps Volunteer
    • service in the Armed Forces

If you have a Federal Perkins Loan that was disbursed before July 1, 1993, you should check your promissory note for deferments that may apply to that loan. During a deferment, interest will not accrue and no payments are required.

Deferments are not automatic. You must apply through the school that initiated the Perkins Loan, using a deferment request form available from the school. You must file your deferment request on time or you will pay a late charge. You must continue making scheduled payments until you receive notification that the deferment has been granted.

Can I get a forbearance on my repayment?

Under certain circumstances, you can receive forbearance on your loan. During forbearance, your payments are postponed or reduced. The government does not pay the interest; you are responsible for it and if you do not pay the interest as it accrues, it will be capitalized. You cannot receive forbearance if your loan is in default.

Forbearance is not automatic. You may be granted forbearance in 12-month intervals for up to three years. You must apply for forbearance in writing through the school that made your loan or the agency the school employs to service your loan. You will be asked to provide documentation to support your request for forbearance. You must continue making scheduled payments until you are notified that your forbearance has been granted.

Can my Federal Perkins Loan debt be canceled?

Yes, if the borrower dies or becomes totally and permanently disabled, the loan can be canceled. A loan, depending on when it was first disbursed, may also qualify for up to 100% cancellation under the following conditions:

  • full-time teacher in a designated elementary or secondary school serving students from low-income families
  • full-time special education teacher -- includes teaching children with disabilities in a public or other nonprofit elementary or secondary school
  • full-time qualified professional provider of early intervention services for the disabled
  • full-time teacher of math, science, certain foreign languages, bilingual education, or in other fields designated as teacher shortage areas
  • full-time employee of a public or nonprofit child or family service agency providing services to high-risk children and their families from low-income communities
  • full-time nurse or medical technician
  • service as a full-time law enforcement or corrections officer
  • full-time service as a staff member in a Head Start Program
  • service as a VISTA or Peace Corps Volunteer
  • service in the Armed Forces

Your Federal Perkins Loan debt may also be eligible for up to 50% cancellation for service in the Armed Forces in areas of hostilities or eminent danger. Although not a cancellation, if you serve as an enlisted person in certain specialties of the U.S. Army, the Army Reserves, the Army National Guard, or the Air National Guard, the U.S. Department of Defense may, as an enlistment incentive, repay a portion of your Federal Perkins Loan. If you think you qualify, contact your recruiting officer or your Educational Services Officer.

What happens if I don't pay back my loan?

If you default on a Federal Perkins Loan and the school is unable to collect, it will harm your credit rating and the federal government may take action to recover the loan. You cannot receive further financial aid if you are in default status.

What if I already have prior Federal Perkins Loans as well as other student loans?

You can consolidate your prior Federal Stafford, Unsubsidized Stafford, SLS Loans, and Federal Perkins Loans through the Federal Consolidation Loan.

For more information about Consolidation Loans, contact your Stafford Student Loan lender or check out these online resources:

Who will my lender be for Federal Perkins Loans?

Your lender for the Federal Perkins Loan is the school which makes the loan using federal funds.

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