The Federal Perkins Loan (“Perkins”) is a fixed-rate, low interest, need-based federal loan administered by Ohio State. Undergraduate students are eligible for Perkins consideration at OSU. Borrowers must be U.S. citizens or eligible non-citizens enrolled at least half-time in a degree program, maintain Satisfactory Academic Progress (SAP) for financial aid eligibility, and meet all other requirements listed as Student Responsibilities.
An undergraduate student, if need justifies, is eligible for an annual limit of $5,500 with an aggregate maximum of $27,500. A graduate or professional student, if need justifies, is eligible for an annual limit of $8,000 with a lifetime aggregate maximum of $60,000 (including loans received as an undergraduate).
Please note: Due to limited funding, Ohio State may not be able to award the maximum Perkins allowable by program guidelines.
Repayment Terms
The Perkins Loan interest rate is currently 5%. No interest accumulates while you are enrolled at least half-time or during the nine-month grace period. Repayment of principal and interest begins nine months after you graduate, withdraw, or drop below half-time enrollment. Borrowers may be allowed up to ten years for repayment of this loan.
For more details, see The Student Guide, an official publication of the U.S. Department of Education, available in our office. You may also access numerous loan repayment calculators at www.finaid.org or www.ed.gov/directloan.
Loan Cancellation
You have the right to cancel all or part of your federal loan disbursement within 14 days of official notification. See complete loan cancellation procedures.
What do I need to do to receive this award?
In order to receive this award, you will need to complete the acceptance online.
After accepting the award, you must complete and sign a promise to repay (also known as a promissory note). Borrowers have two options to complete the promissory note:
- an e-mail notification will inform you when the electronic promissory note is available. This e-mail will direct you to the Office of the Treasurer website at Student Loan Services for your signature
- if you prefer to sign a paper note, the website will give you the option of requesting a paper copy. The paper copy will be mailed to the address you choose.
Once the note is completed, signed, and if paper, returned to Student Loan Services, 220 Lincoln Tower, the funds will be disbursed to your account.
If you wish to decline or reduce the loan, you may do so online. To decline or reduce the loan after having accepted it, you may complete the Report Your Changes form or contact us via your osu.edu e-mail account at sfa-reportyourchange@osu.edu.
You may receive Perkins assistance as long as you continue to meet all eligibility criteria, including SAP, for receipt of federal aid.
Please note: If your FAFSA information changes as a result of verification, your award may change.
What is an online exit interview?
Once you graduate, withdraw, or drop below half-time enrollment, you are required to complete an exit interview to understand your rights and responsibilities and repayment terms. If you fail to repay your student loan(s), you may default on your loan. Default occurs when you become 270 days delinquent in making payments on your loans. If you default:
- the entire unpaid amount of your loan becomes due and payable.
- we will report your default to national credit agencies.
- we may sue you, take all or part of your federal tax refund or other federal payments, and garnish your wages so that your employer is required to send us part of your salary to pay off your loan.
- you’ll have to pay collection fees and costs, plus court costs and attorney fees.
- you’ll lose eligibility for other federal student aid and most other federal benefit programs.
- you’ll no longer be eligible for loan deferments (such as deferments while you’re in school, unemployed, or experiencing economic hardship).
To complete the Online Exit Interview, go to www.treasurer.ohio-state.edu and click on "Online Exit Interview" in the Quick Links menu.
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