The Federal Perkins Loan is a low interest (5%) loan awarded by the college to help you meet your educational expenses.
A Federal Perkins Loan is money that is borrowed and must be repaid. It is not a grant.
Federal Perkins Loan (formerly National Direct Student Loan; undergraduates and graduates)
5% interest loan from the college; payment is deferred while the student is enrolled at least half-time
Who is Eligible?
Students matriculated in a degree program; must be enrolled for 6 or more credits per semester; must be a U.S. citizen or eligible non-citizen. Students must have at least a 2.0 cumulative GPA and must have completed 28 credits. Students who do not meet the additional Title IV / Federal Satisfactory Progress Standard should see our information about appeals of the Title IV standard.
Awards are based on financial need and available funding. Undergraduate awards usually range from $300 to $2000 per year, to a maximum cumulative undergraduate amount of $20,000. Graduate awards usually range from $300 to $2500 per year, to a maximum cumulative amount of $30,000.
Students who want to request a Federal Perkins Loan must file the FAFSA application and request a loan on that application. It is important to file early each year—Perkins Loan funds are limited.
Please note that the Federal Perkins Loan and the William Ford Direct Loan are separate and different programs. Each is a lender with its own requirements and provisions. Refer to your promissory notes and booklets for information on each of your loans.