Types of Aid
Ithaca College participates in a wide variety of aid programs designed to meet the needs of most students. These include Federal, state (such as New York, Vermont, Delaware, and Rhode Island), and our own institutional aid programs. All applicants and continuing students are eligible to apply for aid programs that are available as scholarships, grants, loans, and work. Tax incentives may also apply for some families.
|Federal Perkins Loans|
|Low-interest loans for students with the greatest financial need are awarded by and repaid to Ithaca College.|
Unlike the Federal Direct Loans and PLUS Loans, the Federal Perkins Loans is made through Ithaca College’s Office of Student Financial Services where Ithaca College is the administrator of the federal funds that are loaned. As such, repayment is made to Ithaca College, not the federal government.
If you financial aid award indicates that you are eligible for a Federal Perkins Loan based on information in your FAFSA and you choose to accept the loans, you will need to do the following:
- The Office of Student Financial Services will contact you to advise you when and where you can complete the Master Promissory Note.
- Complete and sign electronic Master Promissory Note (MPN). An MPN is valid for 10 years (only first time borrowers must complete this step). Borrower must have a federal Personal Identification Number (PIN) to electronically sign MPN. To retrieve federal PIN or to register for a pin visit: www.pin.ed.gov.
- You will need to complete an entrance counseling session that will be made available to you with the signing of the electronic promissory note.
Interest Rates for Direct Subsidized Loans
- The interest rate on your loan is fixed at 5.0%.
There are no loan fees associated with Federal Perkins Loans.
The repayment grace period for Federal Perkins Loans is 9 months (vs. 6 months for regular federal direct loans)
Annual Loan Limits
The federal government sets limits on the maximum amount you can borrow each year. A table of these loan limits can be found in the policies section of this site.