Federal Perkins Loan

Eligibility

Undergraduate and graduate students who are enrolled at least half-time and demonstrate exceptional financial need may be eligible for the Federal Perkins Loan. Funds in this revolving loan program are derived from loan payments by former students who received this loan. Funding is limited, and eligibility is determined from information on the Free Application for Federal Student Aid (FAFSA) and by institutional policies.

Best Features
  • No interest accrual while enrolled at least half-time
  • Nine month grace period and ten year repayment period
  • Eligible undergraduates may be awarded up to $5,500 annually; not to exceed $27,500 cumulative
  • Eligible graduate students may be awarded up to $8,000 annually; not to exceed $60,000 cumulative
  • Student must not be in default on a federal loan
In-School Rate Formula Fees In-School Rate
0% 0% 0%
Repayment Rate Formula Fees Repayment Rate
Simple interest at a fixed rate of 5% begins at end of the grace period 0% 5%
ENTRANCE COUNSELING AND MASTER PROMISSORY NOTE

Recipients of the Federal Perkins Loan are required to complete Entrance Counseling and a Master Promissory Note before the funds are disbursed.  You will receive an email when your Master Promissory Note and Entrance Counseling are available.

exit counseling

Students must complete exit counseling upon dropping below half time status, taking a leave of absence, withdrawing or graduating.

For more information, please contact our office.