The Perkins Loan has an interest rate of five percent (5%). It is a need-based loan where the institution determines who is eligible based on funding availability. Matriculated undergraduate and graduate students are eligible once a FAFSA has been completed. While there is no separate application, students must file FAFSA early to be considered as funding is awarded on a first-come, first-served basis. Repayment begins nine (9) months after you graduate, leave college or drop below six credits. The maximum award an undergraduate student can receive is $5,500 per year and a graduate student may be eligible for $8,000 per year.
Online instructions for *NEWLY* awarded students only: Perkins Loan Online Instructions