Some financial aid packages include Federal Perkins Loans. Oberlin determines the amount a student is eligible to borrow within federal guidelines. Students are not required to accept Federal Perkins Loans. These loans are originated and administered by Oberlin College.

Terms of Federal Perkins Loans

Students who borrow Federal Perkins Loans are not required to make payments as long as they are enrolled at least half time. Payments begin nine months after graduation or withdrawal from Oberlin.

Students who are first-time borrowers at Oberlin must complete entrance counseling before they may receive a Federal Perkins Loan. See below for information on entrance counseling.

Additional Terms of Federal Perkins Loans

• The loan is made to the student.
• No interest accrues while the student is enrolled at least half time.
• The interest rate during repayment is fixed at 5 percent.
• The standard repayment period is 10 years.
• The minimum monthly payment is $40.

Entrance Counseling

If you are a first-time borrower of a Federal Perkins Loan at Oberlin, you must complete entrance counseling. Federal regulations governing the loan programs require that you understand your rights and responsibilities before you receive your loan. This understanding is documented with a Student Loan Entrance Counseling Record.

You can complete entrance counseling online by visiting MappingYourFuture.org. Oberlin will receive notice that you have completed this process.

Reducing or Declining Your Federal Perkins Loan

You are not required to take the full amount of the Federal Perkins Loan that is included in your financial aid package. If you wish, you may borrow less than the maximum permitted by your eligibility. You may also decline the loan in its entirety.

To reduce or decline your Perkins Loan, you must complete the Federal Perkins Loan Decline or Reduce Form.
Go to Financial Aid Forms