This loan is funded by the federal government. The University
of Tulsa adds a matching share, plus repayments from alumni.
Aggregate loan ceilings have been established at $40,000 for
graduate students (including undergraduate loans) and $20,000 for
undergraduates. The maximum annual loan amount limit is $6,000
for a graduate student or $4,000 for an undergraduate student.
The size of the loan depends on financial need and funds available.
Interest is 5 percent.
Your Federal Perkins Loan amount will not be reflected on your
semester bill. Students must complete entrance loan counseling online
at
www.mapping-your-future.org
and
attend a Perkins Loan session during orientation in August to sign a
Master Promissory Note (MPN). Additional sessions will be held
the first two weeks of the fall semester. Contact the Business
Office for more information. Midyear students must contact the
Business Office to sign the MPN. Prior to the initial
semester's disbursement, students are required to go through an
entrance interview to learn their rights and responsibilities
regarding the issuance, disbursement, and repayment of the loan.
Repayment (beginning nine months after completion or termination of
degree program) of at least $50 monthly is made to the University,
which uses the funds for aid to students in succeeding years.
Repayment is deferred if the student enters community or national
service. Some cancellation of both interest and principal is
allowable for teaching the handicapped, for teaching in areas of
high concentration of lower income families, for teaching math,
science, and foreign languages, for working in a child or family
service agency providing services to high risk children in low
income communities, for working full time as a nurse, medical
technician, law enforcement or corrections officer, and for military
service in areas qualifying for special pay.
Graduating students will pick up instructions on how to complete
exit counseling online during Senior Salute. Please contact
the Business Office regarding what dates you can complete exit
counseling at
www.uasexit.com.
The University of Tulsa requires that the borrower of a Federal
Perkins Loan complete exit counseling just prior to leaving the
University. This exit online session, conducted by the Business Office,
discusses the borrower's rights and responsibilities and includes
information such as grace period, deferment privileges, partial
cancellation privileges, interest charges, timely remittances, etc.
If you default on your Federal Perkins Loan, the credit bureau must
be notified.
