Federal Perkins Loans (Perkins Loans) are funded by the federal government. The University of Tulsa (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 and sophomores and $27,500 for junior and senior undergraduates. The maximum annual Perkins Loan limit is up to $8,000 for a graduate student or up to $5,500 for an undergraduate student. The amount of the Perkins 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 returning your Award Letter to the Office of Student Financial Services.
NOTE: TU reserves the right to rescind Perkins Loan eligibility.
Beginning Fall 2013, TU has implemented a Perkins Loan e-signature process with University Accounting Services (UAS--TU's billing processor) for borrowers to e-sign their Perkins Master Promissory Note (MPN) and complete entrance counseling. All borrowers (new and prior) will be required to e-sign a MPN, even if you signed a MPN in the past, and complete entrance counseling. NOTE: You will complete the MPN only once, but you will be required to complete the entrance counseling each academic year.
After you return your Award Letter accepting your Perkins Loan, you will receive an email from SignMyLoan@signmyloan.com. You will not be able to e-sign your MPN or complete entrance counseling until you receive an email from SignMyLoan providing completion instructions. TU will review weekly all signed MPNs from SignMyLoan. When TU receives notification you have e-signed your MPN and completed entrance counseling, then your Perkins Loan funds will be posted to your student account in the TU Business Office no earlier that the first day of class. If you sign your MPN after the first day of class, TU will review weekly all signed MPNs and post your Perkins Loan funds once TU receives notification you e-sgined your MPN and completed entrance counseling. If an MPN is not signed before the end of the semester, the Perkins Loan will be canceled.
A Perkins Loan borrower must complete exit counseling prior to leaving TU at www.usaexit.com. Repayment is made to UAS and begins 9 months after ceasing half-time enrollment. The Perkins Loan interest rate is fixed at 5% at repayment. Perkins Loan forgiveness, cancelation, or discharge is allowable under certain circumstances.
The following links provide information regarding Perkins Loan forgiveness and cancelation opportunities.
If you are having trouble making payments on your Perkins Loan, immediately contact the TU Business Office. If you default on your Perkins Loan, the credit bureau must be notified.