Federal Carl D. Perkins National Direct Student Loan (formerly NDSL)

This is a long-term, low-interest loan program available to eligible students who are enrolled at least half-time at Saddleback College and who demonstrate exceptional need.

The actual amount that you may receive depends upon the availability­ of funds and your own financial aid eligibility. However, the law prohibits you from borrowing more than $8,000 during your first two years of college and $20,000 for the entire four years of undergraduate work. If you go on to graduate school, the maximum you may borrow is $30,000, which includes the amount you receive as an undergraduate.

Repayment begins nine months after you graduate or cease being at least a half-time student, and you may be allowed up to 10 years to repay the loan. You will be charged 5 percent simple interest on the unpaid balance while the loan is being repaid.

Portions of a Perkins loan may be cancelled if you meet certain criteria specified by law. In addition, payments are deferred as long as you are at least a half-time student at Saddleback College or elsewhere. These points are discussed in detail at an exit interview which every loan holder MUST attend before leaving Saddleback College.

NO LOAN CHECKS WILL BE DISBURSED UNTIL AFTER THE TWO (2)-WEEK ADD/DROP PERIOD FOR FALL SEMESTER AND AFTER THE THREE (3)-WEEK CENSUS DATE FOR SPRING SEMESTER.