Federal Perkins Loan

Description

The Perkins Loan is a need-based loan for undergraduate and graduate students with exceptional need. The interest rate is fixed at 5%. Priority is given to Pell recipients and continuing borrowers who apply for Federal Aid. Funds may not be available each academic year.

Annual Amount

• Undergraduate: $5,500
• Graduate   : $8,000

Repayment

Repayment begins nine months after graduation or dropping below half time (6 hours). The repayment period can be up to 10 years with a $40 minimum monthly payment.