The Federal Perkins Loan is a federally funded, low-interest loan program. Awards are based on calculated financial need as demonstrated by the information students provide on the FAFSA and the availability of funds. The current interest rate is 5%. Interest does not accrue while the student is enrolled at least half-time in a degree-seeking program. Repayment begins nine months after the student leaves school or drops below half-time enrollment. Schools are given a very limited amount of funding for this program. Preference is given to students with exceptional need. Students must sign a promissory note (PDF) before these funds can be credited to their accounts. Terms and conditions of Perkins Loans can be found on the Mater Promissory Note. Perkins Loans are administered through the Office of Financial Aid.

• First time Federal Perkins Loan borrowers must sign a Master Promissory Note (PDF)

Mandatory Loan Counseling

Entrance Loan Counseling for First-time Borrowers

All first-time Federal Direct Student Loan and Federal Perkins Loan borrowers at NYIT must participate in loan entrance counseling, even if you have borrowed at a previous institution. Entrance counseling for Federal Direct Student loans can be completed online at www.studentloans.gov. Entrance counseling is not required for alternative loan borrowers. No loan funds will be credited to your account until you complete an entrance loan counseling session.

Exit Loan Counseling

All borrowers of Federal Direct Student Loan and Perkins Loan funds are required to have an exit interview during their final semester. Group sessions will be scheduled for graduating students. Students who have Federal Direct loans can also complete this requirement online at www.studentloans.gov.

Student Loan Repayment

All students should attend an in person "Exit Counseling Session" during their final semester at NYIT. The purpose of this session is to make sure that students understand their rights and responsibilities as they enter repayment.

Do you have an accurate record of all your federal student loans? As you enter repayment, you should check your records on the National Student Loan Data System.