The Federal Perkins loan is a need-based loan. In order to get a Perkins loan, you must file the FAFSA and have financial need. Your school will determine whether or not you are eligible to receive a Perkins loan and how much you will be awarded. If the financial aid award letter you receive
from your school’s financial aid office does not list a Perkins loan, you are either not eligible to receive one or the school
exhausted the funds available for the Perkins loan program for the academic year in which you applied for aid.
Perkins Loan Details
- You must file the FAFSA
- Your financial aid office will determine your eligibility
- If awarded, you will need to sign a Perkins loan promissory note
- Your school is your lender you will repay this loan to your school
- The maximum amount an undergraduate student may borrow is $5,500 per award year; the maximum for a graduate or professional student is $8,000 per award year.
- 5% fixed interest rate–your interest rate will not change
- You pay no interest while enrolled at least half time
- Payment begins 9 months after you graduate, leave school or are otherise enrolled on less than a half time basis.
- If you are having difficulty paying your Perkins loan, contact the school where you received your loan to find
out if you are eligible for forbearance (temporary suspension of repayment) based on economic or other hardships.