The office of Student Loan Collections administers and services University and Federal Perkins Loans.

A Federal Perkins Loan is a low-interest loan for undergraduate and graduate students with exceptional financial need. Missouri S&T receives a specific amount of Perkins Loan funds for the year. Priority for these limited funds is given to students who complete the application process, including providing requested documentation to the Office of Student Financial Assistance, earliest and who demonstrate exceptional financial need.

The interest rate on the Perkins Loan is fixed at 5%. If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on either the principal or the interest. Missouri University of Science and Technology acts as the lender on this loan, which is made with government funds. Repayment of your Perkins Loan will be made to Missouri S&T. You may be allowed up to 10 years to repay your loan. The amount of your monthly payment will depend on the amount of your debt and the length of your repayment period.

Figures are from The 2005-2006 Student Guide from the U.S. Department of Education.

Missouri S&T also offers a variety of loans funded by generous donations from our friends and alumni. These loans vary from 0% to 7% fixed interest rates. The grace periods range from 3 to 12 months. They are granted to undergraduates who have demonstrated need. These loans are awarded by the Office of Student Financial Aid based on information obtained from the FAFSA. Similar to the Perkins Loan, these loans allow up to 10 years for repayment. The monthly payments vary based on loan amount, but generally average $50 per month.