Concordia College

Perkins Loans

Need-based: Yes

Per Year Maximum: $5,500

Cumulative Maximum: $27,500

Interest Rate: 5 percent (during repayment only)

Repayment: There are no principal or interest payments required while attending school. Repayment begins nine months after leaving school.

Payment on the Perkins Loan is easily deferred during at least half-time enrollment in graduate school and for participation in programs such as the Peace Corps. Various loan forgiveness options may be available for working in certain non-profit areas, police work and teaching in federally-designated teacher shortage areas.

Deferment Eligibility
Cancellation Eligibility

Who is Eligible: The Perkins Loan is a need-based loan and the Department of Education requires that Concordia award it to students with the greatest need.

How to Apply: In order to be considered for the Perkins Loan, students must complete the FAFSA. You will automatically be considered for this program once the FAFSA has been received, and your eligibility for the Perkins Loan will be presented in your award letter. 

First-Time Borrower: You will receive an e-mail to your Concordia account in June from SignMyLoan.com inviting you to complete the required tasks. Incoming students and new borrowers will be asked to complete an entrance counseling session and electronically sign a Master Promissory Note (MPN). Your FAFSA PIN is required to sign electronically. Failure to complete these tasks will result in cancellation of the loan.

Repeat Borrower: You too will receive an e-mail to your Concordia e-mail account in June from SignMyLoan.com inviting you to complete the required tasks. Borrowers who previously signed an MPN will be invited to view their disclosure statements.