What is a Federal Perkins Loan?

The Perkins loan is a federal college loan offered to needy individuals to finance their post-secondary education. It is available for both undergraduate and graduate students.

Loan Qualifications

The student's financial needs will be evaluated through the information provided by the applicant on the Free Application for Free Student Aid (FAFSA). In addition to having financial needs that meet the evaluation, the person must also meet certain other qualifications to become eligible for Perkins loan: The student should be a US citizen, a permanent resident, or a non-citizen with a legal residency status, and the applicant must be enrolled at least half-time in any degree program in an approved school. Furthermore, the applicant must have a good academic standing, with no outstanding balance or default loans.

Amount of Loan

With the Perkins loan, an undergraduate applicant can secure money for college up to $5,500 for each year of the study and a maximum amount of $27,500 for the entire undergraduate program. Students in graduate studies can borrow up to $8,000 per year and a total of $60,000 for the whole graduate program including the amount acquired as an undergraduate.

 


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