The Federal Perkins Loan is a need-based loan, and funds are very limited. You must complete the FAFSA in order to be considered for this loan. In certain circumstances, the Perkins Loan may be forgiven, or canceled, if the borrower enters a career in teaching, law enforcement, or nursing. The maximum annual amount awarded by Lander is $2000, the maximum aggregate amount is $20,000 for undergraduate study. If the Perkins Loan must be repaid, repayment begins at the end of a nine-month grace period. The monthly amount is determined by the total amount borrowed, but it must be at least $40. If you are awarded a Perkins Loan by the Financial Aid Office, you will be sent the appropriate documents (the Master Promissory Note and Perkins Data Sheet) to complete and return.
If awarded a Perkins Loan and the student wishes to receive it, it must be accepted on Bearcat Web. All first-time Perkins Loan borrowers at Lander must complete Entrance Counseling. Loan money will not be disbursed until the entrance counseling, master promissory note and data sheet are complete and filed in our office. Exit Counseling will be required upon leaving Lander or dropping below half-time status and must be completed in person in the Student Accounts Office.
To be considered for this loan, a FAFSA Application must be completed.
Federal Perkins Loan Teacher Cancellation
Students may be able to cancel up to 100 percent of their Federal Perkins Loan if they are teaching in a low-income school or in a critical subject area. Find information and eligibility requirements at this site.
Other Service Cancellations
Schools may cancel up to 100% of a Perkins Loan if the borrower has served full-time as a/an:
- nurse or medical technical providing health care services;
- employee of an eligible public or private nonprofit child or family service agency who is providing or supervising the provision of services to both high-risk children who are from low-income communities, and the families of such children;
- qualified professional provider of early intervention services in a public or other nonprofit program under public supervision;
- staff member in the educational part of a preschool program carried out under the Head Start Act; or
- qualifying law enforcement or corrections officer.
Schools may cancel up to 50% of a Perkins Loan if the borrower has served a period of full-time active duty in the armed forces (that is, the U.S. Army, Navy, Air Force, Marine Corps, or Coast Guard), the National Guard, or the Reserves. The service must be in an area of hostilities or an area of imminent danger that qualifies for special pay under Section 310 of Tile 37 of the U.S. Code.
Schools may cancel up to 70% of a Perkins Loan if the borrower has served as a Peace Corps or Americorps *VISTA (under Title I, Part A of the Domestic Volunteer Service Act of 1973) volunteer.