FEDERAL PERKINS LOAN
FEDERAL PERKINS LOAN
If your award letter from Thunderbird includes a Federal Perkins Loan, you must either accept or decline this award. Accepting this loan could impact your eligibility for other types of student aid and may be used only for educational expenses. If you choose to accept this loan, you must complete the Perkins Student Loan Interview Form in full. This completed form must be received in the Financial Aid Office with your signed Perkins Promissory Note no later than 2 weeks prior to the first day of classes. You must also complete the Financial Aid Awards Accept/Reject step.
What is a Federal Perkins Loan?
A Federal Perkins Loan, formerly called the National Direct Student Loan, is a low interest (5% fixed) loan available to U.S. citizens and permanent residents who show exceptional need according to the FAFSA results. Federal Perkins Loans are part of the campus-based federal financial aid and are made available through the Financial Aid Office at Thunderbird. The School is your lender and holds your promissory note. Awards vary, but generally range between $1,500 and $4,000 per trimester. Federal regulations require all Perkins borrowers to complete both an entrance (prior to receipt of funds) and an exit counseling session (at graduation, withdrawal or less than ½ time enrollment), at which time you will be informed of your rights and responsibilities as a federal loan borrower.
Other Important Facts:
• No origination or guarantee fees are charged
• One disbursement is issued per trimester
• If this loan creates a credit balance, a refund check will be processed for the amount in excess of your charges
• Repayment is not required if in-school at least half-time
• No pre-payment penalties
• Nine month grace period after getting out of school (withdrawal, graduation) or less-than-half-time enrollment
• Minimum monthly payment is $40 for most students
• Standard repayment period is 120 months
IMPORTANT Information on the Perkins Student Loan Interview Form!
In order to receive the Perkins loan that you have been awarded, the following Perkins Student Loan Interview Form must be completed, signed and returned to the Financial Aid Office no later than 2 weeks prior to the start of classes.
When completing the form, please be sure that:
- Nothing is left blank. You must provide complete addresses, including house number, city, state, zip code, and telephone number with area code on all references, (P.O. Boxes are not acceptable as addresses). If something does not apply to you, please enter N/A.
- Except for Father, Mother, Stepfather, Stepmother or Guardian, all references must live at different addresses in the U.S. and have different telephone numbers.
- If a reference is self-employed, you must provide the name of the business, ( how is it listed in the phone book?).
- Do not use students as references.
- If you do not have two relatives who live in the United States, provide information on two additional friends.
- Complete the form on-line. Then print it, sign, date, and mail the form to the Financial Aid office. To insure that the form is received no later than 2 weeks prior to the first day of classes, you may email it as an attachment to brenda.wright@thunderbird.edu. HOWEVER, IT IS STILL NECESSARY TO MAIL THE ORIGINAL FORM WITH YOUR ORIGINAL SIGNATURE TO THE FINANCIAL AID OFFICE. Print an additional copy for your records or save it electronically for future reference.
Perkins funds cannot be requested for you unless the correctly completed form is received by the Financial Aid Office no later than 2 weeks prior to the first day of classes! Failure to return the form in a timely manner may result in cancellation of funds!
PERKINS LOAN STATEMENT OF RIGHTS & RESPONSIBILITIES
I understand that:
1. Each Perkins loan I receive is reported to a credit bureau at least annually.
2. I will receive a student loan and must repay my loan on a timely basis as called for in the repayment agreement which will be mutually agreed upon by myself and lending institution.
3. I must contact the lending institution prior to the due date, if any payment cannot be made for any reason.
4. I must inform my lending institution or University Accounting Service, Inc. (billing agent) immediately of any change in my name or address.
5. I must submit timely certification when requesting deferment, postponement, and/or cancellation benefits.
6. I may accelerate or make payments prior to the due date without penalty. Unless otherwise notified, any accelerated payments will be applied to the principal and will not take the place of my regularly scheduled installment.
7. I may make payment in excess of the amount due. This can reduce the total amount of interest I will be required to pay over the life of my loan, but does not automatically apply to my next scheduled payment.
8. I may be eligible to defer, postpone and/or cancel repayment of my loans. The appropriate form to request any one of these privileges can be obtained from University Accounting Service, Inc.
9. Provisions of my promissory note may allow for repayment of my loan in minimum monthly (or quarterly) installments.
10. My loan may be subject to late charges if payments are past due depending upon the provisions of my promissory note.
11. I may be subject to pay the total cost of collection and/or litigation if my account becomes past due and persists to be past due without appropriate arrangements to bring the account current.
IT IS THE BORROWER'S RESPONSIBILITY TO MAINTAIN A COPY OF THIS LOAN INTERVIEW FORM FOR HIS/HER RECORDS.
TERMS AND CONDITIONS
Interest on this loan is 5% annually and starts to accrue as follows: the first day of the 9th month after graduation or withdrawal from school for students who have no previous Perkins or National Direct Student Loans OR the first of the 6th month following graduation or withdrawal from school for students who have previous Perkins or National Direct Student Loans with an outstanding balance. Minimum payment of $40.00 or $30.00 per month start in accordance with the above dates. A maximum of ten years is allowed for repayment.
All students must show satisfactory progress to be eligible for Federal Stafford Loans, Federal Perkins Loans and Federal Work Study. According to Faculty Senate Regulations, it is required that the MBA-GM degree be completed within five calendar years, excluding leaves of absence. If a student is denied financial aid due to lack of satisfactory academic progress, the student must take a course load during his or her suspension trimester which brings the student back into status. See the Bulletin for further information.
Government regulations require that you acknowledge acceptance of this loan.
This award is subject to having all required documents on file and verified if you are selected for verification by the U.S. Office of Education.
THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT
PERKINS STUDENT LOAN INTERVIEW - (Personal & Confidential)
PLEASE PRINT - EVERYTHING MUST BE FILLED IN COMPLETELY!!!
|LAST NAME |FIRST NAME |MIDDLE |
|LOCAL ADDRESS |PERMANENT ADDRESS |GRADUATION DATE |
|CITY/ST/ZIP |CITY/ST/ZIP |BIRTHDATE |
|TELEPHONE |TELEPHONE |SS# |
|E-MAIL ADDRESS |COUNTY |DRIVER'S LIC. STATE # |
|IF MARRIED, SPOUSE'S NAME |SPOUSE'S ADDRESS |SPOUSE'S EMPLOYER |
| | | |
REFERENCES
Father, Stepfather, or Guardian Mother, Stepmother, or Guardian
|NAME |NAME |
|ADDRESS |ADDRESS |
|CITY/ST/ZIP |CITY/ST/ZIP |
|TELEPHONE |TELEPHONE |
|EMPLOYER NAME |EMPLOYER NAME |
TWO REFERENCES IN UNITED STATES - NO RELATIVES OR STUDENTS
|NAME |NAME |
|ADDRESS |ADDRESS |
|CITY/ST/ZIP |CITY/ST/ZIP |
|TELEPHONE |TELEPHONE |
|EMPLOYER NAME |EMPLOYER NAME |
2 RELATIVES IN THE UNITED STATES (NO PARENTS) WHO WILL ALWAYS KNOW YOUR ADDRESS
|NAME |NAME |
|ADDRESS |ADDRESS |
|CITY/ST/ZIP |CITY/ST/ZIP |
|TELEPHONE |TELEPHONE |
|EMPLOYER NAME |EMPLOYER NAME |
CREDIT CARD COMPANIES:
BANK ACCOUNTS: NAME: NAME:
ADDRESS: ADDRESS:
TYPE
((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((
Sign and return to the Financial Aid Office. SIGNATURE ACKNOWLEDGES ACCEPTANCE OF THIS LOAN AND UNDERSTANDING OF RIGHTS, RESPONSIBILITIES, TERMS, AND CONDITIONS AS STATED ON NEXT PAGE.
BORROWER SIGNATURE DATE INSTITUTION REPRESENTATIVE SIGNATURE
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