Financial Aid Office
Federal Perkins Loans
The Federal Carl Perkins Loan program is for students enrolled at least half time in an eligible program who need a loan to meet educational expenses. Students may borrow up to $5,500 for each year of undergraduate study. The maximum debt for undergraduates is $27,500. The amount awarded by the University is generally less due to limited funds. Repayment begins nine months after students graduate or drop below half-time enrollment. There is a 10-year pay back period, at five percent interest on the unpaid balance of the loan principal. The amount of the repayment depends on the size of the debt and ability to pay. In most cases, students must pay at least $40 a month. Any agreement for a lesser amount must be attributable to extraordinary circumstances such as prolonged unemployment. Default: If a student defaults on a Perkins Loan and the school is unable to collect, the federal government will take action to recover the loan. In cases of bankruptcy, total or permanent disability or death, loan obligations are cancelled.
Deferment of payment is available if:
1. you are enrolled and attending as at least a half time student at an institution of higher education.
2. for any period not to exceed three (3) years
A. unable to find full-time employment.
B. experiencing economic hardship.
C. certain military service.
Cancellation: Loans may be cancelled for:
- certain types of teaching
- full-time qualified provider of early intervention services for the disabled
- full-time nurse or medical technician
- full-time law enforcement or corrections officer,
- death or disability of the student
- full-time staff of Head Start Educational Program
- full-time provider of services to high-risk children at a child or family service agency
- certain military service
- public defender
- certain speech pathologists
- certain librarians
- faculty member at a tribal college or university
- volunteer service
You may need to complete a Perkins Master Promissory Note for your loan, a Statement of Rights and Responsibilities, and an entrance interview form.
Click on the above link and then scroll down to find a box that outlines the Perkins Loan Instructions and downloadable forms.
You will then want to print the Master Promissory Note, Statement of Rights & Responsibility, and the entrance interview form.
Return each completed document to LSSU Student Loan Office at the address listed below.
DO NOT FAX THESE DOCUMENTS
Please mail the completed forms to:
|Lake Superior State University
|Attn: Student Loan Office
|650 W Easterday Ave
|Sault Ste Marie, MI 49783
If you have any questions, please feel free to contact Ashley MacDonald at 906-635-2592.