About Federal Perkins Loans
Perkins Loans are available to undergraduate, students with exceptional financial need who attend schools participating in the Federal Perkins Loan Program.
Program details include:
- 5% interest rate; there is no fee
- Not all schools participate in the program – check with your college's financial aid office
- Amount awarded depends on your financial need and the availability of funds at your college
- You can be enrolled full time or part time
- Your school is the lender
- Undergraduates may be eligible to receive up to $5,500 a year; graduates may no longer take out Perkins loans. Unless new legislation is enacted by Congress, no new Perkins loans will be made after September 30, 2017, but if your loan is first disbursed by September 30, you will still be able to get a subsequent disbursement(s) for the rest of the academic year.
- Undergraduates must exhaust their subsidized Stafford eligibility if an existing Perkins borrower and all (subsidized and unsubsidized) Stafford eligibility if a new Perkins borrower.
- The total you can borrow as an undergraduate is $27,500; the cumulative total for graduate students was $60,000