Federal Perkins Loans
The Federal Perkins Loan program is a federal campus-based program designed to provide low-interest federal student loans to students who demonstrate exceptional financial need based on their FAFSA data. Based on the availability of funds, Undergraduates pursuing a bachelor's degree, classified Graduates and Teaching Credential candidates may qualify for this loan, with undergraduate students having priority. Up to $15,000 may be borrowed for Undergraduate study. Graduate or professional students may borrow up to a cumulative total of $30,000 (including any previous Perkins program loans). However, due to limited funds, CSUB awards are limited to a maximum of up to $3,000 per academic year. The student, while in school, pays no interest and repayment does not begin until nine months after graduating or leaving school. For teacher cancellation information, please visit: http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelperk.jsp?tab=repaying
- have a Pell-eligible EFC;
- be enrolled at least half-time;
- have financial "Need"
Accepting / Declining or Reducing your Loan
Once you are awarded a Perkins Loan, you will need to:
- log into your myCSUB and accept or decline your loan(s);
- complete and sign the online Master Promissory Note (MPN);
- complete online Loan Entrance Counseling
- Fixed 5.0% interest rate.
- No interest or payments while enrolled at least half-time.
- repayment begins 9-months after students either graduate or drop below half-time enrollment, whichever occurs first.
Repayment does not begin until nine months after students either graduate or drop below halftime enrollment, whichever occurs first. At the time a student graduates or drops below half-time enrollment they will also need to complete loan Exit Counseling.
|Undergraduate & Credential||Masters & Doctorate|
|Annual Perkins Borrowing Limit||$5,500||$8,000|
Please Note: Due to limited funds, CSUB annual awards are $3,000 or less
Lifetime Perkins Loan Aggregate Borrowing Limits
|Undergraduate (Freshman & Sophomore level students)||Undergraduate (Junior & Senior level students) & Credential||Graduate (Masters & Doctorate students)|
|Lifetime Perkins Borrowing Limit||$11,000||$27,500||$60,000|