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    Federal Perkins Loan Terms and Conditions
     

    All Perkins are solely in the student's name, which means you are the only individual responsible for paying these loans back.

    Stevens Institute of Technology works with Campus Partners to service all Perkins loans.

    You can view your Perkins loan account, download forms, update addresses and make online payments by creating an account on www.mappingyourfuture.org.

    When you graduate, withdraw or drop below part-time status your Perkins loan will either enter into a grace period or an immediate repayment period. Perkins Loans have a 9 month grace period in which you do not need to make repayments.

    Federal Perkins Loan borrowers are required to complete exit counseling session at www.mappingyourfuture.org.

    For sample repayment terms please go to https://studentaid.ed.gov/repay-loans/understand/plans/standard


    Sample Perkins Loan Repayment Plan: the minimum Perkins monthly repayment amount is $40 dollars a month per each loan.

    Principal

    $5000

    Monthly Payment

    $53.03

    Total Number of Payments

    120 or ten year repayment term

    Total Interest Accumulation over the life time of the loan

    $1,364.06**

    ** Based on minimum monthly payment made each month

    Disclaimer: The payments and interest are estimates only.


     
     
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