Office of the Bursar
- Lipka Hall
- tel: 610-499-4161
- fax: 610-499-4576
Federal Perkins Loan
A Federal Perkins Loan is a need-based federal loan administered by Widener University that is available to full-time undergraduate students with exceptional financial need who meet and maintain federal and Widener University financial aid eligibility requirements. This loan program is scheduled to sunset as of October 1, 2017.
To determine if you are eligible to receive a Perkins Loan, complete the FAFSA.
- Interest – Federal Perkins Loans bear a 5% interest rate with no origination fee and no interest accrues while you are in school.
- Loan Availability – Due to limited funding, not all students who are eligible will receive this award. Students who are awarded a Federal Perkins Loan are not automatically awarded in subsequent years.
- Repayment Options – You will have a nine-month grace period after you graduate, leave school, or drop below half-time enrollment before you are required to begin repayment. During the grace period, the borrower is not required to make payments; however, they may begin making payments during the grace period without penalty. Payments can be made in installments according to the borrower’s Truth-In-Lending Statement/Repayment Schedule. At the time of repayment, a minimum monthly payment of $40.00 is due with a maximum of 10 years to repay the loan, unless consolidated.
- Deferments and Cancellations – Payments on Federal Perkins Loans may be deferred (temporarily suspended) for a variety of reasons. A cancellation (discharge) of your Perkins Loan is also possible under certain circumstances and if granted, releases you from your obligation to repay all or a specified portion of your loan.