The Federal Perkins Loan is need-based and is awarded based on the information the student provides on the FAFSA and the availability of funding. Because Seattle University is the lender, no separate application is required. Based on the limited availability of funding, first priority is given to undergraduate students.
The loan has a fixed interest rate of 5% and interest does not begin to accrue until repayment begins nine months after the student leaves school or drops below half-time enrollment.
Each year, before these funds are disbursed to student borrowers' student accounts, the Student Financial Services Office sends a letter with instructions about how to complete the required entrance counseling session, loan questionnaire and promissory note.