The Federal Perkins Loan is a low-interest (5 percent) government loan available to students with exceptional financial need as determined by the Free Application for Federal Student Aid (FAFSA). You will begin repayment of this loan to Missouri Western nine months after you graduate, withdraw, or cease to be enrolled as a half-time student.

To be eligible for the Federal Perkins Loan, your FAFSA should be complete, including Verification (if applicable), no later than March 1st each year. Priority is given to eligible junior and senior level students.

Perkins loans are need-based and may be reduced or cancelled if aid from all sources causes you to exceed your unmet need or cost of attendance budget.

Perkins Loan Need Calculation:

Cost of Attendance (COA)

- Expected Family Contribution (EFC)

- Estimated Financial Aid (EFA)

Subsidized Eligibility

Entrance/Exit Loan Counseling Requirement

Federal regulations require recipients of Federal student loans to complete Entrance Loan Counseling.  Perkins loan funds will not be applied to your account until Entrance Counseling is complete.

Federal regulations also require borrowers to complete Exit Loan Counseling upon leaving Missouri Western.

For more information concerning these, and other, requirements for Federal Perkins Loans, please contact Business Office at (816) 271-4324.

Master Promissory Note

You must complete a Perkins Loan Master Promissory Note (MPN) before your loan funds will be disbursed.

Perkins Loan Acceptance / Disbursement Process

Missouri Western will automatically package your Perkins Loan eligibility based on the information provided on your FAFSA and include this information on your award notification.

If you choose to accept a Perkins Loan, the funds will be disbursed to your account in two equal installments and will be applied to your charges for tuition, fees, room, board, and other University expenses. Remaining funds will be released to you. By Federal regulation, Perkins loan funds MUST be used for educational related expenses.

Cancellation & Deferment Provisions

Repayment of Federal Perkins Loans may be postponed or cancelled under certain circumstances, such as economic hardship or employment in a specific field.  Cancellation and Deferment Provisions have specific regulations that must be followed. Borrowers should continue to make loan payments until the deferment or cancellation request has been approved.

For information concerning how to apply for cancellation or deferment of your Federal Perkins Loan, please contact the Missouri Western Business Office at (816) 271-4324.

Partial listing of Deferment/Cancelation Provisions for Federal Perkins Loan Borrowers:

• Enrolled at least half-time as a regular student at an institution of higher education.
• Enrolled in ED-approved Rehabilitation training for disabled individuals.
• Seeking but unable to find full-time employment.
• Economic hardship.
• Peace Corps volunteer.
• Total and Permanent Disability.
• Death of Borrower.
• Full-time law enforcement or corrections officer.
• Full-time employment in a Head Start Program.
• Full-time special education teacher in a public or nonprofit elementary or secondary school system.
• Full-time teacher in a designated low-income public or nonprofit elementary or secondary school system.
• Full-time nurse or medical technician providing health care services.
• Service in U.S. Army, Navy, Air Force, Marines, or Coast Guard in a designated area of hostilities or an area that qualifies for hazardous duty pay.

The Federal Perkins Loan Program is serviced by the Missouri Western Business Office and University Accounting Service, LLC. All inquiries dealing with the collection of Federal Perkins Loan repayment, default, or deferment and cancellation request should be directed to the Missouri Western Business Office.