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The Federal Perkins Loan is a low-interest loan that is offered to undergraduate or graduate students with exceptional financial need as determined by the FAFSA. Perkins loans are typically awarded to students who have the lowest Expected Family Contribution (EFC). This is a student loan that is taken out in your name that must be repaid. The interest rate on the Perkins loan is fixed at 5%, and the federal government pays the interest on the loan as long as you are enrolled at least half-time. The 10-year loan repayment period begins nine months after a student graduates or drops below half-time enrollment. To be eligible for a Federal Perkins Loan, you must meet the following requirements:
If you accept a Federal Perkins Loan, you will need to complete a Federal Perkins Loan Master Promissory Note (MPN) before the loan funds will be paid to your student account. If you have been offered a Federal Perkins Loan and you are not enrolled full-time, your loan will be adjusted or cancelled based on your actual enrollment as of the end of the second week of the term (census date). To receive the full amount of this loan, you must be enrolled full-time. Below are some links you may find helpful: |