Federal Perkins Loan
The Federal Perkins Loan (formerly called the National Defense and National Direct Student Loan) is a federally funded low-interest loan.
OSU is the lender using funds from the federal government and/or payments collected from previous borrowers.
The interest rate on the Perkins Loan is five percent, and repayment starts nine months after you leave school or graduate.
In order to apply for the Perkins Loan, you must complete the Free Application for Federal Student Aid (FAFSA) for the appropriate school year.
Perkins is awarded on a first come first serve basis. In addition, you must have financial need in order to qualify for a Perkins Loan. In general, OSU makes Perkins Loans that average $6000 per school year to be disbursed in equal semester payments, i.e., $3000 per semester for two semesters per academic year.
If you are awarded and do not decline your Perkins Loan, you will need to complete a Federal Perkins Loan Master Promissory Note. Prior to the beginning of classes, you may need to sign an online promissory note with ESCI (the company the OSU Bursar's Office uses) before your loan can be disbursed to your account. You will be e-mailed with information to complete the promissory note.