The Perkins loan is a low interest (5%) federal student loan. The loan is repaid to MTSU beginning 9 months after withdrawing or graduating from MTSU. The loan period is for one semester.

The repayment schedule depends on the size of your debt, and the length of your repayment period is 10 years with a minimum payment of $40 per month.

The amount borrowed depends on the level of need and the funding level of the school. An undergraduate student may be eligible for up to $4,000 each year of undergraduate study, with a cumulative total of $20,000. A graduate student can borrow up to $5,000 each year of graduate study, with a cumulative total of $40,000 (including any undergraduate loan). The average Perkins Loan award is $1,500 per academic year.

Provisions for the discharge or cancellation of a Perkins loan may be available to a select group of borrowers based on the job they attain after college. Check the Student Guide or contact the Business Office for more information.

Perkins Loan Application Procedure:

1. Complete the FAFSA
   If MTSU includes Perkins Loans in your award letter, enter ACCEPT beside the loan amount and return the award letter to the Financial Aid Office.
2. Students must have a minimum GPA of 2.5.
3. A Request for Funds form may also be used to apply for the Perkins Loan. Forms are available in the Financial Aid Office.
4. Sign the Perkins Promissory Note in the Business Office.