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