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Under federal law, the authority for schools to make new Perkins Loans ended on September
30, 2017, and final disbursements were permitted through June 30, 2018. As a result,
students can no longer receive Perkins Loans. A student who received a Perkins Loan
can learn more about managing the repayment of the loan by contacting Kingsborough
Community College.
What is a Federal Perkins Loan?
A Federal Perkins Loan is a low-interest (5%) loan that was awarded to students with
exceptional financial need. The Perkins Loan is not a grant, it is a loan, which means
that all funds borrowed must be repaid. The loan is made with government funds and
a share contributed by Kingsborough Community College. This loan must be repaid to
Kingsborough Community College.
Award amounts
Prior to September 30, 2017, students could be awarded up to $5,500 for each year
of undergraduate study. The maximum amount students can borrow as undergraduates is
$27,500.
Repayment
Students are not required to make loan and/or interest payments while enrolled in
school. After graduating, withdrawing or dropping below half-time (6 credits), students
are given a grace period of 9 months before repayment of the Perkins Loan begins.
When students cease to be enrolled, they must complete an online exit counseling session, which will once again review the financial responsibilities of borrowing a Perkins
Loan, the repayment agreement, and repayment options. Several options exist to repay
this loan; the minimum monthly payment begins at $40.00 per month.
Deferment, Postponement, and Cancellation
Students may defer or postpone payments for a variety of reasons as discussed during
the entrance and exit counseling sessions. The entrance and exit counseling sessions also discuss the fields of work for which Perkins Loan cancellation is possible.
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