Federal Perkins Loans
Federal Perkins Student Loans are low interest loans for both undergraduate and graduate students with exceptional financial need. Your college serves as the lender.
The program is being phased out over the next several years. Due to this only students who have already received Perkins Loans who remain in the same college in the same declared major will be eligible to receive loans in the future.
Funding available to lend to students is limited to the repayment of Perkins Loan funds by prior borrowers. To receive a Perkins Loan you must enroll for at least 6 credits, be in good academic standing and be making satisfactory progress towards completing a degree.
To receive the loan you must sign a promissory note and complete an entrance interview. When leaving college you must attend an exit interview held on your campus.
The interest rate on a Perkins Loan is 5%. Perkins Loan borrowers are eligible to defer the repayment of the loan principal with no interest charged while enrolled for classes as at least a half-time student. Repayment begins nine months after dropping below half-time enrollment. Repayment can take a maximum of ten years. Payments are made to the school that gave you the loan or their designated collection agency.