Loans (Perkins and Tufts)
Perkins loans are federally subsidized loans for undergraduate and graduate students, awarded
by Tufts to students with exceptional need. They cannot exceed $4,000 per year for undergraduate
study, and $20,000 for all years of undergraduate study. The annual limit for graduate students
is $6,000. The aggregate maximum for undergraduate and graduate borrowing combined is $40,000.
There are no fees for this loan. No interest
charges are applied while enrolled at least half
time, and for nine months after you graduate,
withdraw from Tufts or drop below half time status. The interest is 5% with a maximum ten-year repayment.
Additional
information, including deferment and cancellation privileges, is provided when the
Promissory
Note is signed. Questions about this loan
should be directed to our Financial Services
Specialists at 617.627.4605 or our billing servicer,
University Accounting Service (UAS) at 800.999.6227.
ALL first time borrowers must complete the Perkins
Promissory Note process electronically. Borrowers will
be informed of procedures by University Accounting
Services, via email and letter. The email will come from the UAS partner,
"signmyloan@signmyloan.com."
NOTE to entering first years: You will be
informed during the summer about when to complete the
Perkins Promissory Note.
- Get a UAS generated PIN from the
UAS website.
Wait for the response Email in order to complete the PIN generation and receipt process.
- AFTER you have received your PIN, sign your promissory note electronically using your pin
at the SignMyLoan
Online Signature site.
If difficulties arise with the site, UAS can be reached at (800)999-6227.
Upon leaving the university a Perkins Exit Loan Counseling Interview is required. For information
on repaying or deferring your Perkins Loan, contact our servicer, University Accounting Services, at
(800) 999-6227.
A need-based Tufts Loan of $500 to $2,000 is awarded annually to some undergraduate aid recipients, as part
of their award package. (Tufts Loans may be
from the Farwell Fund or from the National Fund. The
terms and conditions are the same.) No fee or interest is charged, and no payments are due until
6 months after you graduate, withdraw from Tufts, or drop below half
time status. The interest rate is 7%
with a 5-year repayment plan. Questions about this loan should be directed to our
Financial Services Specialists at 617.627.4605.
NOTE: Promissory Notes, Truth in
Lending forms, and information sheets are mailed to
students by the third week of July and must be
returned by mid August. Parents are required to
sign the Tufts Loan Promissory Note as co-signers,
and both parent AND student
signatures must be notarized prior to arrival on
campus
Deferments are available for
a maximum total period of five years while pursuing
an internship, residency, or full time course of
study in a degree granting program, and the
Deferment request form can be downloaded
here.
If you
have a Wolfson Medical loan and are looking for
deferment,
the Deferment
request form can be downloaded
here.
|
