Federal Perkins Loans for Undergraduate Students
This low-interest (5%) loan is made to undergraduate students with exceptional need.
Application for this type of financial aid is done by filling out and submitting the Free Application for Federal Student Aid (FAFSA), and basic eligibility requirements must be met, as determined by the federal government.
The maximum Federal Perkins Loan at Binghamton University is $1,200.
Repayment begins nine months after graduation, withdrawal, or enrollment less than half-time. The length of the repayment period can vary up to ten years, depending on the amount borrowed. Repayment is made to the State University of New York Student Loan Service Center. If the borrower disputes the terms of the loan in writing and the State University of New York Student Loan Service Center does not resolve the dispute, the borrower can contact the Office of the Ombudsman Student Financial Assistance at:
Office of the Ombudsman
Student Financial Assistance
U.S. Department of Education
Rm. 3012, ROB #3
7th and D Streets, SW
Washington, DC 20202-5144
1-877-557-2575
If a student qualifies for a Federal Perkins Loan and no funds are available for disbursement, the student will automatically be placed on a waiting list should future funds become available.
