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.
This loan has no origination fees and the interest rate is fixed at 5%. Repayment begins 9 months after the student graduates or is no longer enrolled at least 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.
The Federal Perkins Loan is a campus-based loan program which uses a limited pool of funds provided by the federal government. Priority in the selection process of Perkins Loan recipients considers a variety of factors, including expected family contribution, availability of other funding, timeliness of submission of required documents, etc.
Students who have been awarded a Federal Perkins Loan will be notified by the Office of Financial Aid. All Federal Perkins Loan borrowers will need to complete in-person loan entrance counseling before the loan can be processed.