The Federal Perkins Loan is a low interest rate loan made to qualifying full-time NYU students. New York University is your lender for a Perkins Loan. You are considered for a Federal Perkins Loan automatically; however, once you have been offered the loan, you must sign and return a promissory note to receive it. The appropriate credit will be applied to your account at the Office of the Bursar.

Applicants for the fall semester who have been awarded a Perkins Loan will receive instructions on how to complete the Master Promissory Note (MPN) in July/August. Applicants for the spring semester will receive the Perkins MPN instructions within a few weeks after paying their tuition deposit. A signed MPN is required only once and remains valid for up to 10 years. Students are required to complete a Truth in Lending statement and a statement of Rights and Responsibilities each year as their eligibility is renewed. If you are eligible for a Perkins loan, your award letter will indicate the amount. Please note that if you decide not to accept the loan, your eligibility for Perkins may be canceled in subsequent years.

You must begin to repay your loan once you graduate, leave school, or drop below half-time enrollment status. You are allowed a grace period before beginning repayment. If you are a new borrower, you have 9 months before interest begins to accrue on your loan and 12 months before your first payment is due.