Federal Perkins

The Federal Perkins Loan is a low-interest loan for students with exceptional financial need. Georgia College is the lender. The loan is made with government funds with a share contributed by Georgia College, so your payments are through the university.  The Department of Education has begun phasing out this loan program which has caused some changes to the program.

Eligibility for this loan program will be determined on a first-come, first-serve basis upon completion of the Free Application for Federal Student Aid (FAFSA).   Recipients must have received these loan funds in the 2014-2015 academic year and must be pursuing the same major from that academic year.

The aggregate amount of funds eligible students may borrow is (1) $4,000 for undergraduate students and (2)  6,000 for graduate students with up to ten years to repay the loan. During the repayment period, the student will be charged 5% simple interest on the unpaid balance of the loan principle. The minimum monthly payment is $40.

Recipients must sign a promissory note in the Student Loan Collections Office prior to receiving funds.

Students, currently receiving or who have received a Federal Perkins Loan through Georgia College, who graduate, transfer, drop below half-time enrollment status, or otherwise leave school must arrange for an Exit Interview at the Student Loan Collections Office.