The Perkins Loan Program provides money for college for students with financial need.
Available to undergraduate and graduate students with high financial need.
Eligible undergraduate students may borrow up to $4,000 per year; graduate students may borrow up to $6,000 per year. Students may borrow a total of $27,500 during their undergraduate studies. Graduate students may borrow up to $60,000 including any amount borrowed as an undergraduate.
The Perkins Loan has a 5% interest rate.
If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. If you are attending less than half-time, check with the school to find out how long your grace period will be.
Loans not accepted within 30 days of the date of award, or the beginning of the semester whichever is latest, may be cancelled. Perkins awards that exceed aggregate limits will be cancelled.