The Federal Perkins Loan Program provides low-interest loans to help students with financial need pay the costs of postsecondary education. The Perkins Loan is a five percent, simple-interest, Federal Loan Program available to help with educational expenses and is awarded to both undergraduate and graduate students that demonstrate exceptional need.
Repayment on the Perkins Loan begins nine months after you graduate or cease to be enrolled half-time. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled.
Master Promissory Note
A Perkins Master Promissory Note (MPN) is required before the school will disburse any Perkins Loan funds to your student account. By signing this promissory note, you promise to pay back to the school or the school’s servicer all loan amounts disbursed while enrolled at NMSU plus the interest accrued. A single MPN covers all Perkins Loans taken while enrolled at NMSU. Each annual award will require your acceptance.