Business Office

Federal Perkins Loan – Current Students

Federal Perkins Loans bear a low fixed interest rate of 5 percent and are distributed by the college. There is no processing fee related to this loan. Interest accrual and repayment begins nine months after graduation or after a student ceases to be enrolled at least half time. The maximum length of time to repay a Perkins Loan is 10 years or $40 a month, whichever results in a larger payment.

  First-time Perkins Loan borrowers are required to:
  1. Accept the Perkins Loan offer in Banner Self-Service by the Financial Aid Office.
  2. Complete on-line counseling (this is in addition to similar counseling required for Direct loans).  This will take about 20 minutes and will require your Social Security Number and date of birth.  You will also be asked to enter two references in addition to your parents' contact information (full name, street address, city, state, zip code, and telephone number including area code).
  3. Complete, sign, and return a Federal Perkins Loan master promissory note (MPN) to the Business Office.  The MPN will, in most cases, cover this and all future Perkins loan disbursements while you are at Reed College. The note does not reflect the amount awarded. You will accept each year's award amount through Banner Self-Service.
Existing Perkins Loan Borrowers are required to:
  1. Accept the Perkins Loan offer in Banner Self-Service by the Financial Aid Office.
  2. Complete on-line counseling (this is in addition to similar counseling required for Direct loans).  This will take about 20 minutes and will require your Social Security Number and date of birth.  You will also be asked to enter two references in addition to your parents' contact information (full name, street address, city, state, zip code, and telephone number including area code).

Please call the Business Office at 503/777-7505 or email perkins.reed.loans@reed.edu if you have questions.