Federal Perkins Loan

Federal Perkins Loan

  • Loans are available for undergraduate and graduate students.
  • Maximum amount: $3,150/year
  • Interest rate: 5 percent
  • Repayment period: up to 10 years
  • Repayment and interest charges can be deferred until nine months after graduation or when your enrollment status drops below half-time (again, this means less than 6 credit hours per semester for undergraduates, less than 5 credit hours per semester for graduate students).
  • Priority is given to students showing exceptional financial need.
  • Apply by completing the FAFSA.

Typical Estimated Payments

Loan amount

$3,000

$5,000

$10,000

Years in repayment

7.6

10

10

Monthly payment

$40

$53

$106

Total interest charges

$604

$1,364

$2,727

Total amount paid

$3,604

$6,364

$12,727