Federal Perkins Loans
Federal Perkins Student Loans are low interest loan in which your college serves as the lender.
Apply for financial aid using the FAFSA.
Residency and Citizenship
You must be a citizen of the United States or have been admitted into the United States as a permanent resident, refugee or asylee.
Undergraduate students will be eligible for a Perkins Loan if they have an outstanding balance on a Perkins Loan made by the school they are attending and received all Direct Subsidized loans for which he/she is eligible or if the student does not have an outstanding balance on a Perkins Loan, they must first exhaust all Direct Subsidized and Unsubsidized Loans for which the they are eligible.
Funding available to lend to students is limited to a set amount of money provided by the federal government, a share contributed by the college and the repayment of Perkins Loan funds by prior borrowers.
Qualifying programs and credits
You must be accepted for admission to a degree-seeking program. You must register for at least six equated credits.
Pursuit and Progress
You must be in good academic standing and make satisfactory progress towards completing a degree
Interest Rate and Repayment
The interest rate is 5%. Perkins Loan borrowers are eligible to defer the repayment of the loan principal, with no interest charged while enrolled for classes as at least a half-time student. It is a subsidized loan, with interest being paid by the federal government during the in-school and 9 month grace periods. Repayment begins nine months after dropping below half-time enrollment. Repayment can take a maximum of ten years.
Additional information on Perkins Loans:
• The Perkins Loan program will end September 30, 2017
• You must sign a promissory note
• You may not be in default on a previous federal student loan or owe the federal government a refund of financial aid previously received
• You must be willing to verify the information you provide on the FAFSA
• If you are receiving a federal student loan you must complete an entrance interview to know your rights and responsibilities as a borrower
• When leaving college, either as a graduate or otherwise, if you have borrowed funds from the federal government you must attend an exit interview held on your campus
• If you are male between 18 and 25 years of age you must register with Selective Service
• You may not possess or sell illegal drugs
• Attend a Perkins Loan Default Reduction session held on your campus