Perkins Loan

Federal Perkins Loan

The Federal Perkins Loan Program is a school-based loan program for undergraduates and graduate students with exceptional financial need. Under this program, the school is the lender.

Here's a small overview of Federal Perkins Loans:
  • Available to undergraduate, graduate, and professional students with exceptional financial need
  • Interest rate for this loan is 5%
  • Your school is the lender; you will make your payments to the school that made your loan or your school's loan servicer
  • Funds depend on your financial need and the availability of funds at your college
  • Other than interest, there are no other charges. However, if you skip a payment, if your payment is late, or if you make less than a full payment, you might have to pay a late charge plus any collection costs
  • If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.  if you are attending less than half-time, check with your college or career school to find out how long your grace period will be.

To learn more about the Federal Perkins Loan you may visit: Federal Student Aid/Perkins Loan