The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need as determined by the processed Free Application for Federal Student Aid (FAFSA).
This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or guarantee fees, and the interest rate is 5% with a 10-year repayment period.
No student may receive more than $4,000 per year as an undergraduate student, or $6,000 per year as a graduate student. Additionally, undergraduate students may not borrow than $20,000 cumulatively, or $40,000 cumulatively for graduate students
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