Federal Perkins Loans

Federal Perkins Student Loans are low interest loan in which your college serves as the lender.  The Perkins Loan Program ended September 30, 2017.

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.

Student Eligibility

Undergraduate Students

A student may receive a Perkins Loans through— To an— Who, on the date of disbursement— If the student has been awarded —
September 30, 2017 Eligible current undergraduate student Has an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized Stafford Loan aid for which the student is eligible.
September 30, 2017 Eligible new undergraduate student Does not have an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.

 

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.  You may consolidate your Perkins loan with your other Federal student loans. The benefit of this is a single monthly payment instead of multiple payments to multiple lenders. By consolidating, you may have an option for additional repayment plans. For additional information on Direct Loan Consolidation, visit https://studentaid.ed.gov/sa/repay-loans/consolidation.