Business Office
Federal Perkins Loan – Current Students
Federal Perkins Loans bear a low fixed interest rate of 5 percent and are distributed by the college. There is no processing fee related to this loan. Interest accrual and repayment begins nine months after graduation or after a student ceases to be enrolled at least half time. The maximum length of time to repay a Perkins Loan is 10 years or $40 a month, whichever results in a larger payment.
First-time Perkins Loan borrowers are required to:- Accept the Perkins Loan offer included in the Financial Aid Award notice sent by the Financial Aid Office.
- Complete on-line counseling (this is in addition to similar counseling required for Direct loans). This will take about 20 minutes and will require your Social Security Number and date of birth. You will also be asked to enter two references in addition to your parents' contact information (full name, street address, city, state, zip code, and telephone number including area code).
- Complete, sign, and return a Federal Perkins Loan master promissory note (MPN) to the Business Office. The MPN will, in most cases, cover this and all future Perkins loan disbursements while you are at Reed College. The note does not reflect the amount awarded. You will sign for each year’s award amount on the Federal Perkins Loan Award Acceptance form.
- Complete, sign, and return the Federal Perkins Loan Award Acceptance form* to the Business Office by August 12, 2011.
- Accept the Perkins Loan offer included in the Financial Aid Award notice sent by the Financial Aid Office.
- Complete, sign, and return the Federal Perkins Loan Award Acceptance form* to the Business Office.
*The Business Office will mail the Federal Perkins Loan Award Acceptance form to you in July if the Financial Aid office has received your Financial Aid Award Acceptance by June 17th. Please call the Business Office at 503/777-7505 or email perkins.reed.loans@reed.edu if you have questions.