Federal Perkins Loan

The Federal Perkins loan is a low-interest loan whose purpose is to help post-secondary students pay for their education. The Federal Perkins loan is specifically designed for American students with financial needs who plan to enroll at an eligible institution.

Benefits of a Federal Perkins Loan

There are many benefits to undertaking a Federal Perkins loan versus other loans available to students. The interest rate is fixed at 5% for the entirety of the payback period, which lasts up to ten years. The grace period on the Federal Perkins loan is extended to nine months following graduation or withdrawal from the college or university.

Who is Eligible?

Eligibility for a Federal Perkins loan is based on certain criteria including:

Possession of U.S. citizenship, permanent residency, or eligible non-citizen status.

Enrollment as a part-time or full-time student at an eligible institution.

Demonstration of adequate academic abilities.

In addition to these criteria one must also fill out a Free Application for Federal Student Aid (FAFSA) in order to demonstrate their financial assets and need.

How to Receive the Loan

Should an applicant be selected and accept a Federal Perkins loan, they will then receive payments or credit towards their tuition and fees from the college or university each semester. An undergraduate student may accept a Federal Perkins loan of up to $4,000 per year (not to exceed $20,000 total) and a graduate student is eligible for up to $6,000 per year (not to exceed $40,000 total).

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