Federal Perkins Loan

Need-based, subsidized Federal loan for economically needy students. Funding is limited.

Who may apply: All students on Financial Aid are considered for Perkins loans. No special application necessary.

Special Qualifications: Students must

• Be enrolled at least half-time (6 credit hours for most programs)
• Be a U.S. Citizen or Permanent Resident.
• Show sufficient Financial Need based on FAFSA results
• Meet Financial Aid deadline

Maximum: $6,000 (awards typically $1,000 - $2,500)

Interest:

• Subsidized (interest free) during school, grace, or deferment
• Fixed at 5% during repayment

Fees: none

Repayment Options:

• Level monthly or quarterly payments, as required by loan servicer
• Maximum repayment time of 10 years
• May consolidate with other Federal loans (changes terms of the loan)

• http://studentaid.ed.gov/PORTALSWebApp/students/english/difficulty.jsp

Contact the Financial Aid Office:   (847) 578-3217