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New LoansFederal Perkins Loan Information
This program is funded by the U.S. Department of Education and Whitworth
University. The loan fund is limited and targets the neediest students.
The borrower must satisfy eligibility requirements as established by
the U.S. Department of Education and must demonstrate financial need. Perkins
Loans carry a simple interest rate of 5 percent and are repayable by
the borrower over a period of 10 years following graduation, after dropping
enrollment below a half-time credit load, or after withdrawing from school.
No interest is charged while students are in school or during a nine-month
grace period thereafter.
Signing for Perkins Loan
Perkins promissory notes are mailed each June to students who have been awarded a Perkins Loan for the coming
school year. The promissory notes are sent to the student's permanent
address. If you have been awarded a Perkins Loan and you have a change
of address, it is very important that you contact the Whitworth Student Loan Office
All loans not signed for will be cancelled.
A promissory note is the binding legal document
signed by the borrower when a student loan is received. It lists the
conditions under which the student is borrowing and the terms under which
the student agrees to pay back the loan. It will include information
about the interest rate, deferment, and cancellation provisions. It is
very important for signers to read and save this document: It will be needed later when loan-repayment begins.
Federal regulations require all Federal Perkins Loan borrowers to participate
annually in Perkins entrance loan counseling before they receive the initial
disbursement of loan proceeds.
Federal regulations require all student loan borrowers to participate
in Perkins exit loan counseling whenever they drop below half-time enrollment
status, withdraw, or graduate.
Undergraduate students may borrow up to $5,500 per year for a total
of $38,500 during their undergraduate program. Graduate students
or those in professional studies, may borrow up to $8,000 per year with
a total amount of $60,000 borrowed (in both undergraduate and graduate
schools). The actual amount received depends upon the student's
financial need and the school's available funding. To find out
more, please contact the Whitworth Student Loan Office at 509.777.3209.
Receiving Loan Money
Whitworth will transfer loan funds to the student's account
once all loan papers are signed and financial aid is finalized. The loan
will be divided into at least two disbursements during the academic