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Federal Perkins Loans

How To Apply

Students are automatically considered for a Perkins Loan as a part of their need-based financial aid application.  If you are awarded a Perkins Loan, you will have the opportunity to decline it prior to disbursement.

Eligibility

Perkins Loans may be awarded to students who are eligible for Federal Student Aid (most domestic students) and have demonstrated financial need

Interest Rate

5%

Borrowing Limit

Undergraduates: $5,500 per award year, up to $27,500 total.  Students who have not yet completed two years of undergraduate work are only allowed to borrow up to $11,000.  

Graduates: $8,000 per award year, up to $60,000 total (including any Perkins loans borrowed as an undergraduate).

Subsidies

Interest does not accrue on a Perkins Loan while a borrower is enrolled in school at least half-time, during a grace period or during an authorized deferment.  

The borrower will be responsible for paying interest that accrues while the loan is in repayment or on forbearance. 

Repayment

Perkins Loans have a grace period of nine months, starting when a borrower stops attending school at least half-time.  During this grace period, interest does not accrue and no payments are required.  Once the grace period is over, the loan will need to be repaid. Perkins Loans are repayable over a period of up to ten years. 

Total Loan Amount Number of Payments Monthly Payment Total Interest Charges Total Repaid
$3,000

90

1

$40

$4.55

$604.55 $3,604.55
$5,000

119

1

$53.06

$49.26

$1,363.40 $6,343.40
$15,000

119

1

$159.16

$150.81

$4,090.85

$19,090.80


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