The Perkins Loan

The Perkins loan is available to graduate and undergraduate students who exhibit exceptional financial need and offers a fixed rate of 5%.  There is a maximum award for undergraduate students of $4,000 / yr.  For graduate students there is a maximum of $6,000 / yr.  The cumulative total for graduate students cannot exceed $40,000 when combined with the undergraduate Perkins program.

The U.S. Department of Education provides a programmed amount of funding to the school. In turn, the school determines which students have the greatest need. Through this program, loans are made directly through the financial aid office of a given school who acts as the lender. The school combines federal funds with some of its own funds for loans to qualifying students. Unlike other loan programs, recipients of the Perkins loan do not have to pay origination or insurance fees.

Eligibility requirements are as follows:

• Enrollment in an eligible school at least half-time in a degree program
• U.S. citizenship, permanent residency, or eligible non-citizen status
• Satisfactory academic progress
• No unresolved defaults owed on Title IV education loans and grants
• Satisfaction of all Selective Service requirements

 

Apply for a student loan today