Perkins Loan Facts
Federal Perkins loans are awarded by Seattle Pacific University to undergraduate students with documented need as determined from a processed FAFSA. Funds are obtained from the federal government and from former Seattle Pacific students who are in the process of repaying their loans. No interest is charged on the loan while you are enrolled in school at least half-time. Repayment begins nine months after you leave school or drop below half-time enrollment.

Exit Counseling
Just prior to graduation, or shortly after you withdraw or drop to less than half-time enrollment you will be provided exit counseling. Exit counseling includes information regarding the conditions and terms of your loan, specific information about your repayment amount and start date, default and debt management. You will have paperwork to complete and return to SFS. Each spring several exit counseling sessions are offered to students; individual appointments may also be scheduled by contacting Student Financial Services.

Interest on your Perkins loan will accrue following the nine month grace period at the rate of 5% per annum. Please refer to your promissory note for the required minimum monthly payment amount. Your payment amounts and number of payments depends on the amount borrowed and the minimum monthly payment amount required. The maximum term allowed is 10 years, not including deferment or forbearance periods.

To fully understand the benefits of your Perkins loan, it may be best to review the terms and conditions of the promissory note you signed. If you do not have a copy of your promissory note, you may request one from Student Financial Services at SPU. If you have any questions regarding repayment or the benefits of your Institutional loan please contact Campus Partners, the servicing company for this loan or the SPU Loan Repayment Office at (206) 281-3534.