Applying for a Perkins Loan

Applying for a Perkins Loan

First you must complete and submit the FAFSA by the priority filing date of April 1, annually. Indicate in Question 27 that you are interested in student loans. Next, you should submit additional information requested (if any) as Perkins Loan funds are limited and are usually exhausted by mid-summer.

Students are notified via an award letter if Perkins Loan funds are part of their financial aid packages. The award letter allows the student to accept, reduce or refuse the Perkins Loan offer.


If you are awarded a Federal Perkins Loan, you must sign a Master Promissory Note (MPN) before the loan can be disbursed. The MPN lists the terms under which you are borrowing and agree to pay back the loan. New Jersey City University requires Federal Perkins Loan borrowers to sign a new Master Promissory Note every year.


Grace period is the period of time before the borrower must begin repayment of a student loan. Grace periods begin when a student ceases to be enrolled at least half-time, withdraws, or graduates from the university. During a grace period (nine months), no interest accrues and no payments are required.