Federal Perkins and Nursing Loans
Federal Perkins Loan
The Federal Perkins Loan is awarded to students based on financial need. The loan is made with government funds with a share contributed by Augustana College.
To be eligible for a Perkins Loan you must:
- Complete a FAFSA and be determined to be eligible for need-based aid
- Be enrolled at least half-time in a degree-seeking program
How to apply:
Step 1—Sign and return your financial aid award letter. You may indicate any decreases in the amount you want to borrow on your award letter.
Step 2—Complete Entrance Counseling. Please complete the Entrance Counseling, print, sign, and return to the Financial Aid Office. Only an original signature will be accepted.
Step 3—Complete a Master Promissory Note (MPN). Please complete the MPN, by printing the form, completing all of Section A and signing. The MPN must be filled out exactly how the directions indicate and signed by the student borrower. Please return the completed form to the Financial Aid Office, only an original signature will be accepted.
You are required to complete entrance counseling and the MPN before funds can be disbursed to your student account
Terms of the Loan:
Interest: The Perkins Loan is interest-free while you are enrolled at least half-time. The interest rate is set at 5%.
Loan Limits: The maximum amount a student may be awarded is $5,500 for each year of undergraduate study. The amount awarded is determined by the Office of Financial Aid.
Repayment: The Perkins Loan goes into repayment nine months after you graduate, withdraw or drop below half-time status.
Federal Nursing Loan
Provisions are similar to those of the Perkins Loan, except that applicants must be accepted in to the Nursing program. Students must demonstrate exceptional financial need. The maximum loan amount is $5,200 for juniors and seniors. If a student changes from a Nursing major to another major the NSL becomes repayable immediately. There are no cancellation provisions for the NSL program.