The Federal Perkins Loan Program provides long-term, low interest (five percent) loans to undergraduate and graduate students demonstrate financial need and enroll in participating schools.
Undergraduate and graduate students who are enrolled at least half time at participating schools are eligible for this program. Some schools may make loans available to part-time students and, in some cases, to students attending less than half time. For undergraduate students, priority is given to Federal Pell Grant recipients.
The loan amount depends on the availability of funds at your school, your financial need and the amount of other aid you receive.
You apply to the financial aid office at the school you attend. Not all schools participate in the Perkins Loan Program. Each school has its own application deadline, and serves as the loan's lender. The Perkins Loans do not have an origination fee.
You begin repaying the loan nine months after you graduate or leave school. If you return to school, you have six months before you start repaying on previous loans. You may be allowed up to 10 years to repay your loan.
The amount of the monthly payment depends on the size of the debt and the length of the repayment period.
Part or all of the loan can be deferred or canceled under certain conditions, such as:
You must seek approval for these provisions from your school.