Federal Perkins & Nursing Loans
Federal Perkins Loans are for students with exceptional financial need. Nursing Loans are specifically for students with exceptional financial need who are majoring in the nursing field.
Both of these loan types are awarded through the Financial Aid Office. St. Catherine University is the lender for the loan, which is funded by the federal government. Once you complete an online promissory note, the loan funds are applied directly to your student account.
Interest does not accrue on the Federal Perkins or Nursing Loan while you are enrolled at least half-time. Interest rates are fixed at 5 percent and begin at the time of repayment. Repayment typically begins nine months after you graduate, withdraw or reduce your credit load to below half-time. In the case of the Nursing Loan, if you change your major or are dismissed from the nursing program, your 9-month grace period begins immediately. After your grace period ends, you will need to start making monthly loan payments. If you are unable to make your payments or are still a student, you may apply for an economic hardship forbearance. If your request for forbearance is accepted, you must request a new forbearance every 6 months. Interest will accrue during your forbearance period.
Authorization instructions2012-13 borrowers:
If you have been awarded a Federal Perkins or Nursing Loan for the 2012-13 academic year, you will receive an email from Sign My Loan. Once you have received this email, you can complete an online promissory note at signmyloan.com
at any point during the academic year. If you know your FAFSA PIN, this can be used as your PIN for the UAS site also. If you do not know your FAFSA PIN, you must obtain an authentication PIN from UAS in order to complete the e-Signature process (follow email instructions).
For Perkins borrowers, the completed promissory note will authorize the University to borrow you the Perkins Loan funds up to the annual amount listed on your financial aid award.
Nursing Loan recipients must also complete a self-certification process before receiving their loan funding, and will receive a notice of how to do this after completing the promissory note process.
For questions on your Perkins or Nursing Loan or on University Accounting Services, contact the Office of Student Accounts
To compare the terms of the different loans available to you and help determine which loans would best meet your needs, use our loan comparison chart.
Tools for determining your costs and calculating your balance are available in the Cost of Attendance Webpage. By selecting your program and then completing a Cost Estimation Worksheet, you can gain a better understanding of your individuals costs, what will be covered by grants and scholarships, and how much you may need to borrow in loan funding or cover through personal resources.