Federal Perkins Loan

Federal Perkins Loan

The Federal Perkins Loan Program is also a federal loan that must be repaid. It provides money to students with established need at a low interest rate and long-term repay. The loans bear no interest to the borrower until nine months after graduation or interruption of study; then the interest rate is 5% of the unpaid balance. The minimum monthly payment is $40.00. Loan repayment may be deferred for periods during which a borrower

  1. Is at least a half-time student.
  2. Is pursuing a course of study in an approved graduate fellowship program or approved rehabilitation training program for disabled individuals excluding a medical internship or residency program.
  3. Is unable to find full-time employment but not in excess of three years.
  4. May be suffering an economic hardship but not in excess of three years.
  5. Is engaged in service described under the cancellation provisions.

Awarding of this loan is based on need and availability of funds. Completion of the FAFSA is required. It is very important to apply as early as possible since funds are limited.

Your award letter will notify you if you have been awarded a Perkins Loan. You will be notified by the Office of Accounting about completing your Perkins Promissory Note. Loan repayment begins nine months after you graduate or after you are no longer enrolled for at least six hours.