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Perkins Loan

DESCRIPTION

This is a federally sponsored program of long term loans. The annual interest rate is 5%. The maximum annual amount of loans that can be borrowed is $4,000 for undergraduate students and $6,000 for graduate students. The total aggregate amounts (over the entire student borrowing history) that students can borrow from the loan program are $20,000 for undergraduate students and $40,000 for graduate/professional students. The actual amount of loan money for students is determined by the Office of Financial Aid and is based on comparative financial eligibility and the amount of funds available to the Downstate Medical Center.

Repayment begins nine months after you graduate, leave school for other reasons, or drop below half-time status.

For loans made after July 23, 1992, deferments of repayment are available for the same reason as under the Federal Stafford Loan program. For earlier loans, repayment is not required for up to 3 years of active duty in the Armed Forces, Public Health Service, or as a volunteer for the Peace Corps, VISTA, or similar non-profit organizations, or while serving in a pre-professional internship.

Portions of this loan may be canceled for certain types of teaching, full-time employment as a nurse or medical technician and certain types of employment in child or family services agencies. Specific details can be obtained through the SUNY Student Loan Services Center, (518) 443-5626. Or visit the SUNY Student Loan Service Center (SLSC) web site.


ESTIMATED PERKINS LOAN REPAYMENT SCHEDULE

Amount Borrowed
Monthly Payment
Approximate Interest
Quarterly Payment
Approximate Interest
$1000
$40
$79
$90
$90
2000
40
352
90
369
3000
40
819
96
831
4000
43
1092
128
1108
5000
54
1364
160
1385

(Minimum repayments are $40 per month or $120 per quarter.)

WHO MAY APPLY?

Same as Stafford Loan (U.S. Citizens, nationals, or permanent residents enrolled as regular students in an eligible program).

TYPE OF ASSISTANCE

Loan: a 5% loan with an annual maximum of $6,000 with an aggregate of $40,000 including undergraduate loans. Awards are based on financial need and the funds available at the school. No interest while in school.

HOW TO APPLY

Students must file a FAFSA and a SUNY-DMC Application.