Perkins Loan Information
The Federal Perkins Loan is a federally funded low-interest loan. Saint Mary-of-the-Woods College is the lender using funds from the federal government and/or payments collected from previous borrowers. The interest rate on the Perkins Loan is five percent, and repayment starts nine months after you leave school or graduate.
In order to apply for the Perkins Loan, you must complete the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA for the appropriate school year. You must have financial need in order to qualify for a Perkins Loan. More details about applying for financial aid and the FAFSA can be found on the Office of Financial Aid's website.
Borrowers who are awarded and do not decline their Federal Perkins Loan, must complete the Federal Perkins Loan entrance conference. A borrower is required to sign the master promissory note only once for their educational time at SMWC but must sign a disclosure statement each time money is disbursed.
When you graduate (or leave school for other reasons), you must complete a Federal Perkins Loan Exit Interview. This Exit Interview will give you more information about your repayment options, deferments, cancellation provisions, etc. Failure to do so will result in a "HOLD" being placed on your transcripts, diploma, etc. Failure to repay your Federal Perkins Loan will also result in a “HOLD” being placed on your transcripts, etc.
SMWC has a third party service provider to manage our Federal Perkins Loan: Affiliated Computer Services (ACS). You can access your Perkins account information online by going to ACS's website - http://www.acs-education.com/.
