Federal Perkins Loans

The Federal Perkins Loan is a no-fee, fixed-rate, low-interest, and need-based federal loan for both undergraduate and graduate students administered the college or university. The federal government funds the loan but the school acts as the lender.

Eligibility

Student eligibility requirements are as follows:

  • Must satisfy financial need as determined by the FAFSA guidelines
  • Must be enrolled at least half-time at an accredited college or university
  • Must maintain Satisfactory Academic Progress
  • Cannot be in default on any federal loans or owe a Title IV overpayment
  • Loan limits cannot exceed annual or lifetime aggregate limits
  • Has submitted FAFSA by the April 1 priority deadline for each academic year

Repayment

Repayment begins 9 months after graduation, drop below half-time enrollment or leave school. A borrower may be allowed up to 10 years for repayment of a Federal Perkins Loan.

Perkins Loan Limits

Undergraduate Up to $4,000 per year

Graduate Up to $6,000 per year

Interest Rate and Origination Fee

The Perkins Loan interest rate is fixed at 5%, and there is no origination fee.

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