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Southern Oregon University

Terms and Conditions of the Perkins Loan

The Perkins Loan is a 5% deferred interest loan based on financial need. Funds come from the federal government and Southern Oregon University is the lender. The Perkins Loan is available to both undergraduate and graduate students. By federal law, undergraduates may borrow up to $4,000 per academic year and $6,000 per award year for a graduate or professional student. Cumulative maximums are $20,000 for undergraduates and $40,000 for graduates. Post baccalaureate students not enrolled in a degree program are ineligible for Perkins Loan funds. First priority is given to early FAFSA filers with high financial need.

These funds must be repaid. When borrowers leave SOU or drop below six credit hours they must complete exit counseling for the Perkins Loan. Borrowers have a nine-month grace period on the loan after they leave school, and interest does not accrue during this grace period. There are no origination fees when the loan is disbursed.

It is the borrower’s obligation to keep the lender (Southern Oregon University) informed about changes in his or her status. Changes to a borrower's name, address, phone number, or Social Security number must be reported immediately by contacting the Long Term Loan Office or logging into your account on the ECSI website and changing the demographic information.