(This fund is no longer available.)
Fixed 5.0% interest rate. No fees. Awarded to students with exceptional financial need. Interest and repayment are deferred until nine months after a student ceases to be enrolled at least half-time. This fund is no longer available to new borrowers.
Range from $500 to $3,000.
- Valid FAFSA filed and available to Willamette
- Master promissory note (MPN)
- Entrance counseling
Federal Perkins Loans are awarded to students with remaining financial need after their full annual eligibility for the Subsidized and Unsubsidized Federal Stafford Loan is considered. Although Perkins Loans have repayment and forgiveness options that are not the same as those available for Stafford Loans, both Perkins and Stafford Loans may become part of a Federal Direct Consolidation Loan along with Stafford Loans. Consolidating Perkins and Stafford Loans may result in a lower monthly payment and/or an extended amount of time to repay the underlying loans although a higher total amount of interest expense may be incurred due to the extended time to repay. Perkins Loan interest is fixed at 5%. This compares to the variable rate applied to Federal Stafford Loans of 3.76% for undergraduate borrowers for the 2016-17 award year. For more information on Federal Perkins, Stafford, or Direct Consolidation Loans, visit studentaid.gov.