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The Federal Perkins Loan is a low-interest (5%) need based loan available to both undergraduate and graduate students. It is subject to availability and financial need. Awards are packaged by the Financial Aid Office and then administered through the Student Loan Office. This means that American University is the lender for the Perkins Loan.
If a student has been awarded a Federal Perkins Loan they must contact the Student Loan Office to complete the Master Promissory note and loan entrance counseling paperwork.
Students must first demonstrate financial need by filing a FAFSA. Awards are packaged by the Financial Aid Office and then administered through the Student Loan Office. Perkins loan funds are limited.
Once a student leaves school, drops below half time status or graduates you have a grace period of nine months before you have to start paying back your Perkins Loan. The billing service used to send bills and correspondence is Campus Partners. They process payments, deferment forms and payment inquiries. Their website www.mycampusloan.com offers web based access to your Perkins Loan information as well as the tools to manage the loan online. Borrowers can use this site to view their current and past payment information, receive electronic billing notices, make a payment through a wide variety of payment methods, obtain important news and other information, and download needed forms.