The Federal Perkins Loan is a need-based subsidized loan in the student’s name and must be repaid. Eligibility is based on exceptional financial need and available loan funds. Eligible students will have the Federal Perkins loan as part of their financial aid award. A Free Application for Federal Student Aid (FAFSA) is required annually.
• Completed FAFSA
• U.S. citizen or permanent resident
• Not have previous defaults on a federal loan,
• Be enrolled or plan to enroll at least half-time (6 or more credits)
• Maintain satisfactory academic progress.
There are no payments or interest while a student is enrolled at least half-time. Repayment begins 9 months after student graduates, withdraws, or enrolls less than half-time (5 credits or less). Standard repayment is 10 years. There is a minimum $40 per month payment.
Payments on the Perkins Loan can be deferred during at least half-time enrollment in graduate school and for participation in programs such as the Peace Corps. Various loan forgiveness or cancellation options may be available for working in certain non-profit areas, police work and teaching in federally-designated teacher shortage areas
5% (during repayment only)
Loan Origination Fees:
Per Year Maximum: