What is a Perkins Loan?
Perkins loan funds are distributed to Drew University through a federal program for students with significant need. Eligible applicants are U.S. citizens or permanent residents, enrolled at Drew, and in good academic standing.
How much can I borrow?
There is an annual loan limit of $3,000 for undergraduate students, with an aggregate undergraduate limit of $15,000.
What are the interest rates?
No fee is charged for Perkins loans, and a 5% annual interest rate is charged for the loan. The federal government pays the interest while the student is enrolled in college, during grace periods, or in deferment.
When are the payments due?
Payments begin nine months after the student graduates from college are due quarterly, and borrowers have ten years to repay their loan. Payments are made to the Drew University Business Office (973.408.3114).
How do I apply?
- First-year students must file a FAFSA by February 15. Returning students must file a FAFSA and a CLA Supplemental Form by April 1.
- Once Drew receives your FAFSA and Supplement, your financial aid counselor (go to the Staff page to find out who your counselor is) will determine your eligibility for Perkins loan funds and will award them to you accordingly.
- An email will be sent to you informing you that your Financial Aid Awards are ready to view. Log onto your Treehouse Account to accept your awards.
- Once you accept your Awards, the Business Office will then mail you certification forms and a promissory note.
- Once you sign and return these forms to Drew’s Business Office, your Perkins loan funds will be credited to your account.