Federal Perkins Loan (Perkins Loan) is funded by the federal government. TU adds a matching share plus repayments from alumni. Aggregate loan limits are established at $60,000 for graduate students (including undergraduate Perkins loan amounts) $11,000 for freshmen/sophomore undergraduates and $27,500 for junior/senior undergraduates. The maximum annual loan limit amount is up to $8,000 for a graduate student or up to $5,500 for an undergraduate student. The amount of the loan awarded to you depends on your financial need and the availability of funds at TU. Since Perkins loan funds are limited, it is important you accept or decline your Perkins loan in a timely fashion. You can do so by electronically accepting your award. This loan is not available to incoming freshmen.
NOTE: TU reserves the right to rescind Perkins Loan eligibility.
TU’s Perkins loan e-signature process is administered through University Accounting Services (UAS is TU’s billing processor) for borrowers to e-sign their Perkins Master Promissory Note (MPN) and complete loan counseling. A new borrower will be required to e-sign a MPN and complete loan counseling. NOTE: You will complete the MPN only once, but you will be required to complete loan counseling each academic year.
After you electronically accept your award on WebAdvisor, you will receive an email from SignMyLoan@signmyloan.com . You will not be able to e-sign your MPN or complete loan counseling until you receive an email from SignMyLoan providing completion instructions. The TU Bursar’s Office will review weekly all signed MPNs from SignMyLoan. When the TU Bursar’s Office receives notification you have e-signed your MPN and completed loan counseling, then your Perkins loan funds will be posted to your student account in the TU Bursar’s Office no earlier than the first day of class. If you e-sign your MPN after the first day of class, the TU Bursar’s Office will review weekly all signed MPNs and post your Perkins loan funds once they receive notification you e-signed your MPN and completed loan counseling. If an MPN is not signed before the end of the semester, the Perkins loan will be cancelled. Mid-year borrowers will follow the same process as stated above.
A Perkins loan borrower must complete exit counseling prior to leaving TU at www.signmyloan.com. Repayment is made to UAS and begins 9 months after the borrower ceases to be enrolled at least half-time. The Perkins loan interest rate is fixed at 5% at repayment. Perkins loan forgiveness, cancellation or discharge is allowable under certain circumstances. The following links provide information regarding Perkins loan forgiveness and cancellation opportunities:
If you are having trouble making payments on your Perkins Loan, immediately contact the TU Bursar's Office. If you default on your Perkins Loan, the credit bureau must be notified.