Federal Perkins Loans

This loan program is administered directly by the Office of Student Financial Aid. Eligibility is based on financial need as determined from the FAFSA. The annual loan limit for graduate students is $8,000, and the cumulative limit for combined undergraduate and graduate borrowing is $60,000. Actual award amounts depend on federal funding levels, and priority is given to those applicants with the greatest need. Repayment at 5 percent interest begins nine months after the borrower drops below half-time enrollment (5 graduate credits per semester). Students may be allowed up to 10 years to repay; however, a minimum monthly payment of $40 is required. This program will be gradually phased out after the 2015-2016 academic year. Only students who received loans at Rhode Island College prior to 2015-2016 will be eligible for loans in subsequent academic years.