The Federal Perkins Loan is awarded to undergraduate students with exceptional financial need. In order to be considered, students must complete their FAFSA by the March 1 priority deadline.
The Federal Perkins Loan is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. This loan has no origination or default fees, and the interest rate is fixed at 5%. Repayment begins nine months after the student graduates or is no longer enrolled half-time. In addition, the loan is subsidized, meaning the interest is paid by the federal government while the student is in school and during the 9-month grace period.
Students who have been awarded a Federal Perkins Loan will be notified by the Financial Aid Office. All Federal Perkins Loan borrowers will need to complete in-person loan counseling.