Federal Perkins Loan

This loan program has been sunsetted and applications are no longer accepted.

What is Federal Perkins Loan?

The loan is a need-based, long-term, low-interest, fixed-rate loan. The loan is partially funded by the government and by the University of St. Thomas. The loan is governed by federal regulations set by the Department of Education. This is a Title IV Program. St. Thomas is the lender and administrator of this loan program. The loan must be repaid. The borrower may be allowed up to ten years or a minimum monthly payment of $40.

Applications are no longer accepted.

Contact Our Office

University of St. Thomas
Mail 5002, Business Office
perkinsloan@stthomas.edu
(651) 962-6610 or
1-800-328-6819 ext. 26610
fax at (651) 962-6630.

Deferment & Cancellation Benefits

Changes in Loan Regulation/Procedure/Informative notices

Information Updates

Credit Bureau Reporting

Application for Permanent Disability

Others

Credit Bureau Reporting

Keeping your payment current each month will help establish an excellent credit report when lenders inquire. St. Thomas (University Accounting Service) does not report your payment history but reports the status of your loan account each month. The credit bureau builds the payment history that is seen by your lenders. Payment, deferment or cancellation forms are due by the first of each month. If your payment or form is not received within 30 days of the due date, your account status will be reported as past due.

Application for Permanent Disability

Application for permanent disability will require the borrower and physician to complete an extensive application form. The University will review and make a tentative decision to approve or deny. At that time the borrower's loan is assigned to the Federal Department of Education (DOE). The DOE will review for approval or denial. The borrower will then be notified of both the above decisions. The DOE will then monitor the borrower's income information and additional loan information for the next three years to ensure additional Title IV money is not lent and to ensure income is not above the poverty level for a family of two. If either of the above occurs, the loan will re-enter repayment. If at the end of the three years none of the above occurs, the borrower's loan will be cancelled.

You can change your address, view and pay your bill from the UAS web site at .
You can access balance and last payment date information at 844-870-8701.

Credit Bureau Reporting

Application for Permanent Disability

Others

You can change your address, view and pay your bill from the UAS web site at .
You can access balance and last payment date information at 844-870-8701.

Frequently Asked Questions

$4,000 for each year of undergraduate study. Total accumulated debt is $20,000.
$6,000 for each year of graduate study. Total accumulated debt of $40,000.

The program has been discontinued so no new loans will be issued.

A Perkins loan has a low interest rate of 5%.

You will receive a nine month grace period and payments will begin 10 months after you graduate or cease to be enrolled at least half time. Payments are monthly.

A "grace period" is the period of time before the borrower must begin repayments. No interest accrues, no payments are due and no billing occurs for the loan.

Interest accrues for thirty days prior to a payment coming due.

No, interest does not accrue while you remain at least a half-time student and are deferred

You will need to complete an exit interview. At the interview you will be given information about how your grace period works, how the billing works, your rights, your responsibilities, how much you owe, when payments will begin and how much your payments will be. It will be mandatory that you complete this interview.

To repay all or part of the loan(s) without penalty at any time.
A grace period after graduation or discontinuing education.
Deferment of payment, if eligible.
Partial/full cancellation of loan, if eligible.

To make payments on time.
To notify the Perkins Loan Office if a payment cannot be made by the due date.
To notify the Perkins Loan Office of changes in your name, address, phone number or social security number.
To file appropriate forms, such as deferment or cancellation, in a timely manner.
To understand that failure to repay your student loan will have serious consequences, as required by the Department of Education:
- Referral to a collection agency.
- Report the past due status of your loan to a national credit bureau.
- Loss of eligibility for deferment or cancellation benefits.
- Loss of eligibility for further Federal financial aid.
- Hold will be placed on registration and academic transcripts.

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