The College awards Perkins loans from federal funds allocated to Bryn Mawr based on federal need. Awards range from $500 to $5,500 per year and are based on financial eligibility. Only U.S. Citizens and eligible noncitizens are eligible for federal aid programs. More information concerning federal eligibility may be found at: www.studentaid.gov/eligibility
Upon receipt of the award letter, the student must log on to BIONIC at virtual.brynmawr.edu to accept, reduce or decline her Federal Perkins loan.
The student must complete a Perkins Loan Master Promissory Note (MPN) and a Perkins Loan Entrance Interview before these funds can be credited to her student account. The MPN will be sent to the student during the summer and must be signed and returned to the Office of Financial Aid prior to the start of school. The student may satisfy the Perkins Loan Entrance Interview requirement by logging on to Perkins Loan Entrance Interview.
Loan repayment is deferred while the student is enrolled at least half-time in any approved postsecondary school. More information may be found about loan repayment on the Policy & Requirements section of our website.
Sample Loan Repayment Schedule:
|Total Loan Amount||Number of Payments||Amount per Month||Interest Charges||Total Repaid|
Students begin repayment nine months after graduation, withdrawal from the College or dropping below half-time status. The interest rate is five percent per year. No interest accrues until the repayment schedule begins. Students must complete a Perkins Loan Exit Interview before graduating or dropping to less than half-time enrollment. To satisfy this requirement, students must log on to http://www.brynmawr.edu/controller/studentaccounts.shtml and complete the Perkins Loan Exit Interview. Under Student Account Related Links, click on Perkins Loan Exit Interview.