Federal Perkins Loan Federal Perkins Loans are borrowed directly from Hamline University. The loan is interest free until repayment begins, which is nine months after the student leaves school or drops below half-time status. The fixed annual interest rate is 5.00%. How to Apply Check your award letter for eligibility. An email notification will be sent to your preferred email address in Piperline when your loan is available online. The email will direct you to www.signmyloan.com to sign for your Perkins Loan. Once you have electronically signed your Master Promissory Note (MPN), your Perkins Loan dollar amount will be applied to your account on a semester basis for that academic year. If you have Perkins Loan eligibility on your award letter and you do not want to borrow this loan, please send written notice to the Office of Financial Aid at email@example.com.