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Federal Perkins Loans
The information contained here is designed to answer general questions concerning your Federal Perkins Loan and provide a brief overview of the benefits available to borrowers.
Federal Perkins Loans are low-interest, long-term loans made through the university to help finance post-secondary educational costs. These loans are funded through matching funds from the federal government and Indiana State University. Although this is a federal loan, all payments are made directly to Indiana State University. By paying back your loan, you enable other students to receive new loans to fund their education. All Perkins Loans are reported to credit bureaus from your first disbursement to the time you pay the loan in full.
The Account Analysts are here to help you at any time during the life of your loan. Please contact us in Parsons Hall, Room 100, or by phone (812) 237-3511 if you have any questions or concerns with your loan. Please also contact the Account Analysts if your personal information changes (e.g., withdraw from the University, transfer, drop below half-time enrollment, name change, Social Security Number change, address change, join the military, etc.).
Prior to graduating or leaving the university, you must complete an Exit Interview for your Perkins Loan. The Account Analysts will once again go over the benefits and responsibilities of your loan. Exit Interviews are completed at the Account Analyst windows. Information regarding your Exit Interview will be e-mailed to you prior to graduation.
- Failure to complete an Exit Interview will place a hold on your graduation, diploma, transcripts, and future registrations!
The interest rate is 5% fixed and is charged on the unpaid principle balance of your loan.
You will receive a 9-month grace period that begins when you cease enrollment or drop below half-time status. Half-time status (determined by the Office of Registration and Records) is 6 credit hours for undergraduate students and 5 credit hours for graduate students.
Repayment of your loan begins when the grace period expires. The amount of your monthly payment will depend on the total amount that you have borrowed. This amount will be furnished to you during your exit interview.
- Payments are due on the 15th day of each month. Indiana State University mails statements each month. If you fail to receive a statement, you are still responsible for your payment! You may make your payment by check, money order or Visa, MasterCard or Discover credit cards. Please include your student identification number on your check or money order. You may make payment by Visa, MasterCard or Discover by calling (812) 237-3511 or paying online at www.indstate.edu/payperkins.
Benefits for a Perkins Loan - YOU HAVE OPTIONS!
There are various types of Perkins Loans depending on the date of the first disbursement. Each type has different benefits available to borrowers. You may qualify for a deferment of principle and/or interest. There are also numerous types of cancellations available to borrowers. If you qualify, the federal government will cancel a portion of your loan each year until your loan is paid in full.
Please contact the Account Analysts at (812) 237-3511 or visit them in Parsons Hall, Room 100, or check your promissory note for the types of cancellations available to determine if the federal government will pay your loan in full.
Delinquent loans are first assigned to our in-house collections department. We realize that there are many circumstances that may make it difficult for you to pay on your loan. There are many ways to avoid defaulting on your student loan. Contact the Account Analysts in Parsons Hall, Room 100, or by phone at (812) 237-3511 to see if a deferment is right for you. Don't risk ruining your credit! Students with delinquent loans may lose all rights to eligible benefits and are reported to national credit bureaus. Again, you have options!
An online Perkins loan payment option is available by visiting www.indstate.edu/payperkins. The payment site allows you to make payments, in any amount, to be applied toward your Perkins loan. Online payments made will only be applied to the current installment due. To obtain the amount of your current installment due, please review your monthly billing statement or call our office at 812-237-3511 to speak with an account analyst. Any amount over your regular monthly installment amount will not be applied to future installments. If you would like to make payments ahead, or have questions, please contact our office at 812-237-3511.
Parsons Hall 100
200 N 7th Street
Terre Haute, IN 47809
Indiana State University
8:15 AM - 4:30 PM