Federal Perkins Loan
What is a Federal Perkins Loan?
A low interest loan awarded to students who have demonstrated financial eligibility and who are US citizens or permanent residents. To be eligible for this loan, the student must be enrolled at least halftime.
How much am I eligible for?
Awards range from $500 to $2,000. The maximum aggregate amount a student can borrow through the Perkins Program is $40,000 including any Perkins loan borrowed as an undergraduate student
What is the interest rate?
The interest rate a 5% fixed rate. The interest on this loan begins once you are in repayment.
When do I pay the loan back?
Repayment on this loan will begin 9 months after you graduate or cease to be enrolled at least half time. You have 10 years to pay the loan back. There is no prepayment penalty so you can pay the loan pay earlier if you wish.
The 2008-2009 Federal Perkins Loan Process