Federal Perkins Loan
A Federal Perkins Loan is a low interest loan (5 percent) for both undergraduate and graduate students with exceptional financial need. Priority is given to Federal Pell Grant recipients.
The annual maximum for each award year of undergraduate study is $5,500. The annual maximum for each award year of graduate study is $8,000.
The aggregate (program) loan limits are $27,500 for a student who is a junior or senior in an undergraduate program leading to a bachelor’s degree, and $11,000 for a student who is a freshman or sophomore in an undergraduate program leading to a bachelor's degree or for students in degree/diploma programs that are two years or less in length. The aggregate (program) loan limit for a graduate student (master's and doctoral) is $60,000 (including any Federal Perkins Loan borrowed as an undergraduate).
Repayment of Perkins Loans for first-time Perkins Loan borrowers begins nine months after the student graduates, withdraws or drops below half-time attendance. For details on deferments and/or cancellations, contact the financial services office. Funds are limited, therefore early application is important.