Perkins Loan

for students with exceptional financial need

Low-interest (5% percent) federal student loans awarded to undergraduate and graduate students with exceptional financial need.

The loan does not charge origination fees (unlike the stafford and PLUS loans). Your school becomes the lender using funds shared by the federal government. You must repay this loan to your school. Your school must participate in the Federal Perkins Loan Program.

For information about this loan and to apply, meet with your college financial aid office.

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financial aid types

About Federal Perkins Loan

Who gets this loan:

  • Undergraduate and Graduate Students:
    eligible to both undergrad and graduate students with exceptional financial need. The availability of funds will be distributed by your college.

How do you apply for this loan?

  1. Your school is the lender. Not all school participate in the Federal Perkins Loan program. So first check your school financial aid office
  2. Complete the FAFSA form - see financial aid steps
  3. Get with your college's financial aid office. They will have the information you need for this type of loan.

financial aid types

Loan Amounts

  • up to $5,500 for each year of undergraduate study
  • $8,000 for each year of graduate or professional study
  • the total amount you can borrow as an undergraduate is $27,500 after you complete two years of undergraduate study; $60,000 for graduate and professional
  • must be repaid to the school that made the loan
  • up to 10 years to repay, depending on the amount owned
  • you have to file and apply for a perkins loan each academic year.
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loan advantages/disadvantages ...

financial aid types

Loan Eligibility

  • display a need for financial aid (except for unsubsidized Stafford and PLUS loans).
  • complete high school and have been awarded a high school diploma or a General Education Development (GED) Certificate.
  • pass a college entrance exam approved by the U.S. Department of Education, and/or meet other standards your state may establish.
  • be enrolled or accepted for enrollment as a regular student working at least half-time toward a degree or certificate in an eligible program.
  • be a U.S. citizen or eligible non-citizen.
  • have a valid Social Security number
  • make satisfactory academic progress.

financial aid types

Interest Rates

  • Current Rate: 5.0%
  • there is no origination fees for this loan
  • fixed interest rate loans that remain fixed for the entire term of the loan.