Some financial aid packages include a Federal Perkins Loan.
Oberlin determines the amount a student is eligible to borrow within federal guidelines. Students are not required to accept the offered Federal Perkins Loan. These loans are originated and administered by Oberlin College.
Terms of Federal Perkins Loan
Students who borrow a Federal Perkins Loan 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 a Master Promissory Note and Entrance counseling before they may receive a Federal Perkins Loan.
Additional Terms of Federal Perkins Loan
- 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
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 Financial Counselor . Oberlin will receive notice that you have completed this amount.
Accept, Decline or Reduce Your Loan
Sign in to PRESTO! and navigate using the following steps:
- Student and Financial Aid
- Financial Aid
- Award for Aid Year
- Select 2017-2018 award year
- Award Accept Offer tab
- Accept or Decline your loan via the drop down menu under 'Accept Award' column for each loan
- Reduce the amount of your loan by choosing 'Accept' from the drop down menu and indicate the reduced amount you wish to borrow in the 'Partial Amount' column
- Submit Decision
- A Master Promissory Note will be mailed to you