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Federal Perkins Loan Program

What is Federal Perkins Loan Program?

Federal Perkins Loans support financially poor undergraduate and graduate students cover the cost of post secondary education. The award is prepared by the school dependent on the availability of funds. A Federal Perkins Loan bears a fixed interest rate and must be paid back starting after a nine-month grace period subsequent to the date when the student is no longer registered on at least a half-time basis.

Institutional financial support administrators at partaking institutions have significant flexibility in evaluating the amount of Perkins loans to present to students who are registered or accepted for registration. Borrowers who take up certain public, military, or teaching service jobs are qualified to have all or part of their loans canceled.

Who is eligible for this program?

In order to become eligible for this benefit program, you need to be a student doing a postsecondary educational degree or certificate.

Loan Terms

Maximum Loan Amount:

Undergraduate - up to $5,500 a year (maximum of $27,500 as an undergraduate)


Graduate - up to $8,000 a year (maximum of $60,000, comprising undergraduate loans)

Amount actually obtained depends on financial requirement, amount of othersupport, and accessibility of funds at school

Interest Rate:
Fixed at five percent

Maximum Loan Length:
Up to 10 years to repay, depending on amount payable

Frequency of Payments:
Monthly or quarterly. Once you graduate, leave school, or drop below half-time registration, you have a nine-month grace period prior to the repayment starts. Those in the military may have longer.

Prepayment penalties:
None

Fees:
None

Application Process

To apply for Perkins Loans, complete the Free Application for Federal Student Aid (FAFSA) here or you can obtain a paper FAFSA from your high school, local library, postsecondary school, or by contacting the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). TTY users for the hearing impaired can use 847-688-2567.

If you applied for Federal student support for the previous school year, you can possibly file a Renewal FAFSA for the following year. By utilizing a Renewal FAFSA, you need to fill in any details that have altered and fill in a few new answers.

Program Contact Information

For general details about Federal student support programs, help in filling out the FAFSA, and details about FAFSA on the Web, contact the Federal Student Aid Information Center (FSAIC) at the below Toll-free Number:
1-800-433-3243

Individuals who are hearing impaired may use this Toll-free Number:
1-800-325-0778

TTY users for the hearing impaired can use:
1-800-730-8913

Callers in locations that has no access to 800 numbers may use this Non toll-free Number:
319-337-5665