Federal Perkins Loan

Lender: Seattle Pacific University, with funding provided by U.S. Department of Education
Initial eligibility application: Free Application for Federal Student Aid (FAFSA)
Eligibility requirements: Demonstration of exceptional financial need, enrolled at least half time (6 credits Undergraduate / 3 credits Graduate), making satisfactory academic progress

Interest rate: 5%
Interest accrual/repayment: begins 9 months after ceasing at least half time enrollment in school
Repayment period: 10 years
Minimum Monthly Payment: $40

Students awarded a Perkins loan will be notified via their SPU email account regarding requirements for this loan in July.