Perkins Loan Program Ends to New Borrowers
Lack of congressional action ended funding this fall for the low-interest Federal Perkins Loan program. Universities and colleges, including VT, are not allowed to make Federal Perkins Loans to new borrowers after September 30, 2015. Freshman students who received the Perkins Loan in 2015-2016, will not receive it again.
According to information from the U.S. Department of Education, a future Perkins Loan at VT will only be awarded if:
- VT made at least one Perkins Loan to the student on or before June 30, 2015.
- The student remains enrolled at VT and received the most recent Perkins Loan from VT.
- The student is enrolled at least half-time in the same academic major and degree program for which he/she received the most recent Perkins Loan. If a student changes majors, Perkins eligibility is lost.
- The full amount of Direct Subsidized Loan for which a student is eligible must be awarded first; then a Perkins Loan can be awarded.