Federal Perkins Loans

Perkins loans are long-term, low-interest (5 percent) loans. Eligibility for a Federal Perkins Loan is based on financial need as determined by the Office of Student Financial Aid using information from the FAFSA. Annual loan amounts may total up to $5,500 for undergraduates and $8,000 for graduate students. The cumulative borrowing limit is $27,500 for undergraduates and $60,000 for graduate students. Actual award amounts vary depending on federal funding levels, and priority is given to those applicants with the greatest need. Repayment begins nine months after graduation or after dropping below half-time status (6 credits per semester). Students may be allowed up to ten years to repay; however, a minimum monthly repayment of forty dollars is required.