What is a Federal Perkins Loan?

A Perkins Loan is a federal low-interest (five percent) loan for students with exceptional financial need, as determined by the College of Medicine . These loans are made through NEOUCOM's financial aid office and the College is your lender. You must repay this loan.

How will I be paid?

After you sign a promissory note agreeing to repay the loan, the College will either pay you directly or credit your account. You will receive the loan each term of the academic year.

When do I pay back this loan?

You have a certain period of time before you have to begin repayment, called a “grace period.” If you are attending school at least half-time , you have a grace period of nine months after you graduate, leave school, or drop below half-time . If you are a less-than- half-time student, your grace period may be different.

At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay.

How much will I have to pay each month?

The amount of each payment depends on the size of your debt and on the length of your repayment period. Usually, you must pay at least $40 a month. In special cases, for example, if you are unemployed or ill for a long period of time, you maybe allowed to make payments of less than $40 a month or may extend your repayment period.

NOTE: If you skip a payment, if is late, or if you make less than a full payment, you will have to pay a late charge plus any collection costs. Late charges will continue until your payments are current.