HOW TO COMPLETE THE FEDERAL PERKINS LOAN MASTER PROMISSORY
Federal Perkins Loans offer several major advantages They
have a low fixed interest rate of 5%; borrowers are not charged
any application or processing fees; no interest accrues on the
loan while the student is in school; and repayment is not due
until nine months after the student graduates, withdraws from
school or drops to less than half-time status. These loans are
awarded to students with exceptional financial need, as determined
by federal methodology.
Students are notified of eligibility for Federal Perkins Loans
in their financial aid award letters. In order to accept the
loan, first-time Perkins borrowers must execute a promissory note and complete student
loan entrance counseling. During the
summer prior to the fall semester, the Office of Student Financial
Aid will mail the Federal Perkins Loan Master Promissory
Note and Wake Forest University Pre-Loan Counseling Data
Sheet to all students who have been awarded Perkins Loans
for the first time. When you receive the promissory note and data sheet in the mail, please complete these two forms and return them in the envelope provided. Do not attempt to print and complete the sample note listed below. Please await receipt via U.S. mail of your official note and data sheet.
If you wish to decline the loan, please
notify the Office of Student Financial Aid as soon as possible
so these funds can be offered to other students.
Disclosure Statement and Sample Promissory Note for First-Time Borrowers
Disclosure Statement and Sample Promissory Note