Office of Financial Aid
Toll-free: (877) 826-1600
(440) 826-8048 (fax)
BW's Federal ID Code: 003014
A Federal Perkins Loan is a long-term, low-interest loan funded by the federal government, the University, and repayment from previous BW student borrowers.
How do I qualify?
To qualify for a Federal Perkins Loan, you must:
be eligible on the basis of financial need as calculated from the financial aid form which will be indicated in your financial aid award.
be attending full time and maintaining satisfactory academic progress.
sign a promissory note. Promissory notes can be signed online. Students who receive a Perkins Loan in their financial aid award are contacted via their BW email address the week before fall semester classes begin.
Federal Perkins Loan repayment begins nine months after you graduate or leave school. A five percent interest rate is charged on the unpaid principal during repayment. Interest does not accrue during the period that you are enrolled in college on at least a half-time basis. The Perkins Loan Office administers the loan from the time of disbursement through payment in full with a 10-year maximum repayment schedule. Federal Perkins Loan regulations also allow various types of deferment and cancellation benefits including school deferment, teacher cancellation, etc.
For information about your Federal Perkins Loan, contact:
Perkins Loan Administrator
The Perkins Loan Office is located in Bonds Hall to the right of the Cashier's Office.