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Student Loans

 

Federal Perkins Loan Information

The Federal Perkins Loans are low-interest, long-term loans made through the university to help needy undergraduate and graduate students pay post secondary educational costs. When a borrower repays a Federal Perkins loan, the money is returned to the fund and then redistributed to current students as new Perkins Loans. If you are interested in obtaining a Federal Perkins Loan, please contact the Financial Aid Department for qualification requirements. Once you have been awarded a Federal Perkins loan, you will receive an email when you may electronically sign your Federal Perkins loan at Campus Partners iPROMise website.

Interest Rate
The annual interest rate charged on the unpaid balance of the Federal Perkins Loan is 5%. Before July 1, 1981, the rate was 3%; between July 1, 1981 and September 30, 1981, the interest rate was 4%. The interest rate is stated on the borrower's promissory note, repayment schedule, and the statement of rights and responsibilities provided to the borrower at the time the loan is disbursed and again at the exit interview.

Grace Period
The term "grace period" refers to the period of time before the borrower must begin repayment of a student loan. Grace periods begin when a student ceases to be enrolled at least half-time, withdraws, or graduates from the university. During a grace period, no interest accrues and payments are not required. Please refer to your promissory note for details.

Special Loan Provisions
The Federal Perkins Loan contains special provisions allowing borrowers to defer payment or cancel portions of the loan for specific services performed by the borrower.

Deferments may be processed for the following reasons:

  • In School at least half-time
  • Graduate Fellowship programs
  • Rehabilitation Training Programs
  • Peace Corp/VISTA/ACTION Volunteer

Partial Cancellations may be processed for services performed by the borrower in the following fields:

  • Teacher of a Low Income School
  • Teacher of Handicapped Children
  • Teacher of a school funded by the Bureau of Indian Affairs
  • Teacher of a shortage area (Math, Science, Foreign Language, Bilingual Teacher, or a teacher in an area certified by the appropriate state agency as a shortage area)
  • Head Start Teacher
  • Nurse/Med Tech
  • Law Enforcement/Corrections Officer
  • Family Service Agency (high risk children-low income communities)
  • Early Intervention (Ages 0-2 years)
  • Peace Corps/Domestic Volunteer Service
  • Military Combat for at least one year in area of hostility/imminent danger
  • Firefighters
  • Attorney in Public Defender Office
  • Librarian
  • Faculty Member at Tibal College or University
  • Speech/Language Pathologist
  • Staff at State Licensed or Regulated Pre-K/Child Care Program

Additional Information can be obtained by visiting our Deferments/Cancellations section.

Loan Repayment
Repayment of a Federal Perkins Loan begins when the grace period ends. At the time a borrower drops below half-time enrollment or leaves Auburn University, the University must conduct an exit interview. During the interview, pertinent information and a repayment schedule are provided to the borrower. Please see our Exit Interview for more detailed information. Loan payments are due on the first of each month. Monthly payment amount depends on the amount borrowed, with a minimum payment of $40.00 per month on Perkins Loans distributed after July 22, 1992. The repayment period may not exceed 10 years.

Campus Partners sends monthly statements 20 days prior to the due date to loan borrowers. However, payment of your debt is not contingent upon receipt of a statement. If you do not receive a statement, you should mail your payment to our loan servicer, Campus Partners. Please include your loan number on the check to insure that it is posted properly to your account. Payment should be mailed to:

Campus Partners
PO Box 2901
Winston-Salem, NC 27102-2901
Borrower Service Telephone Number: 1-800-334-8609
www.campuspartners.com

 


Student Financial Services · Mary Martin Hall
Auburn University · Alabama 36849 USA
334-844-4634