Perkins loans are federal student loans issued directly by colleges and universities, for students who show serious financial need.
Both undergraduate and graduate students may qualify for Perkins Loans if they show considerable financial need.
Up to $5,500 a year, for a maximum of $27,500
Up to $8,000 per year, for a maximum of $60,000
Loans enter repayment 9 months following the borrower’s graduation, withdrawal, or if the borrower drops to less than half-time enrollment.
Upon entering repayment, loans are set to a 10 year repayment term.
Borrowers have deferment and forbearance options if unable to make payments.
To request a deferment or forbearance, borrowers must contact their school or the loan servicer assigned to their Perkins loan.
Current Interest Rate
Perkins loans have a fixed interest rate of 5%. The government will pay interest that accrues during:
- Enrollment in school
- Grace Period
- Approved Deferment