Perkins Loan Program
Bay Path College requires all applicants for loans to file a FAFSA to determine loan eligibility. See "Applying for Financial Aid" for more details.
The Federal Perkins Loan is a low interest (5%), long-term loan to help pay for your educational expenses. These loans are made to undergraduate students through the Office of Student Financial Services and are awarded based on need. You must be enrolled full-time to retain full eligibility for this award.
Borrowing Limits and Caps
The maximum amount a student is eligible for is $3,500. Because of limited funding, Perkins Loans are not available to junior, senior and graduate students.
Receiving Perkins Loan Funds
Once you accept this award on your financial aid letter, you must sign a Perkins Loan Master Promissory Note before your loan proceeds are applied directly to your student account. Students will complete their Master Promissory Note in September shortly after classes begin.
Repayment
If you are a new borrower who has no previous outstanding principal or interest owing on any loan as of July 1, 1987, you begin repayment nine months after you graduate, leave school or drop below half time status. You may be allowed up to 10 years to repay your loan. The amount of your payment depends on the size of your debt, but usually you must pay at least $30 per month.
Defaulting on a Loan
If you default on a Federal Perkins Loan and the school is unable to collect, it will negatively impact your credit rating and the federal government may take action to recover the loan. You cannot receive further financial aid if you are in default status.
Deferring Payments
Certain conditions may make you eligible to apply for a deferment of your Federal Perkins Loan. Please contact the Office of Student Financial Services for more information.
Repayment Cancellation
Certain conditions may make you eligible for having your Perkins loan debt cancelled. Perkins Loans will be cancelled upon death or permanent disability of the student. Please contact the Office of Student Financial Services for more information.
