Federal Perkins Loan

The Federal Perkins Loan is awarded on the basis of excptional need from a limited amount of federal funds allocated to Bank Street College of Education. The loan is made with government funds with a share contributed by the College.

Bank Street College is the lender and therefore this loan must be repaid to the College.

The Federal Perkins Loan has a fixed interest rate of 5% for the life of the loan, there are no origination fees and repayment of the loan begins upon graduation, leave school, or drop below half-time enrollment status. There is a 9 month grace period before interest begins to accrue and 12 months before the first payment is due.

The repayment term is 10 years and there are cancellation and deferment provisions available through the U.S. Department of Education (1-800-4-FED-AID).

The Process

  • You must first file the Free Application for Federal Student Aid (FAFSA) and submit all requested documentation
  • Submit a written request for Perkins Loan consideration to the Office of Financial Aid

If awarded, notfication will be sent via an Estimated Award Letter by the Office of Financial Aid with additional instructions (ie. Signing a Perkins Loan Promissory Note and completion of a Truth in Lending Statement and a Statement of Rights and Responsibilities each year as eligibility is renewed).