Federal Perkins Loans

The Perkins Loan is administered by KCAI. There is a nine-month post-enrollment grace period before repayment begins. The interest rate is five percent. As money is repaid by former students, it is re-loaned to those currently seeking an education. The lender is KCAI.

• There is no interest accruing during enrollment or in periods of deferment.
• There are no origination or insurance fees.
• Repayment starts nine months after graduation or leaving school, continues for up to 10 years and can be deferred for graduate school.
• The monthly payment will be $10.61 per thousand borrowed, and there is a minimum $40 monthly repayment.

The Perkins loan is separate from the other Federal Student loans you have.
Therefore, you must notify the Kansas City Art Institute of:

• Address
• Name Changes
• Employment Changes (deferment may be available if unemployed)
• Pay Changes (A dramatic cut of income always needs to be reported so the Perkins Loan Specialist can help you to the fullest extent). 

Perkins Entrance Counseling and Interview

Before KCAI will disburse your Federal Perkins Loan, regulations require that you complete an entrance counseling session. The session helps guide you in managing your student loans both during and after college. You must complete this session at the Mapping Your Future website.

Exit Interview

Before you graduate or drop below half-time attendance, you are required to complete an exit interview. The exit interview shows you how to manage your loans after college. The interview must be completed at the same time as your Exit Interview for your Stafford Loans. Contact the Financial Aid office 816-802-3337 to schedule an Exit Interview if you are due to graduate.

If you are not graduating but withdrawing or dropping below half time status contact the Perkins Loan Specialist at 816-802-3416 or bsnoffice@kcai.edu.