How to complete the Federal Perkins Loan promissory note
Federal Perkins Loans offer several major advantages: They have a low fixed interest rate of 5%; borrowers are not charged any application or processing fees; no interest accrues on the loan while the student is in school; and repayment is not due until nine months after the student graduates, withdraws from school or drops to less than half-time status. These loans are awarded to students with exceptional financial need, as determined by federal methodology.
Students are notified of eligibility for Federal Perkins Loans in their financial aid award letters. In order to accept the loan, first-time Perkins borrowers must execute a promissory note and complete student loan entrance counseling. During the summer prior to the fall semester, the Office of Student Financial Aid will mail the Federal Perkins Loan Master Promissory Note and Wake Forest University Pre-Loan Counseling Data Sheet to all students who have been awarded Perkins Loans for the first time. When you receive the promissory note and data sheet in the mail, please complete these two forms and return them in the envelope provided. Do not attempt to print and complete the sample note listed below. Please await receipt via U.S. mail of your official note and data sheet.
If you wish to decline the loan, please notify the Office of Student Financial Aid as soon as possible so these funds can be offered to other students.