Federal Perkins Loan

Eligibility Criteria

1. Must show financial need
2. Must be enrolled in a degree program making satisfactory progress
3. U.S. citizen or eligible non citizen
4. Not in default on another student loan

Selection Process

Federal government provides funds, and Marquette selects eligible students and determines each student's loan amount.

Terms

For the 2009-2010 academic year, the interest rate will be a fixed rate of 5%. No interest accrues while the student is enrolled at least half-time. Standard repayment period is 10 years. Repayment begins and interest accrues 9 months after the last date of half-time enrollment. Students are billed quarterly by Marquette's Student Loan Accounts. Student must have exit interview complete priorto leaving Marquette. Under certain circumstances, loan payments may be deferred (postponed) and portions of the loan may be canceled.

Application Process

1. File the Free Application for Federal Student Aid (FAFSA).
   
   
2. Eligible students, who have accepted the Perkins Loan on Checkmarq, will receive a letter informing them that an eMPN is available to sign on-line.

Renewal Process

Award is renewed only if all necessary forms are processed and received prior to March 1, the students continue to meet eligibility requirements, and funds are available at the time that the application is complete.