Program Description
Federal Perkins Loans help financially needy undergraduate students and graduate students meet the cost of postsecondary education. The award is made by the school based on the availability of funds. A Federal Perkins Loans carries a fixed interest rate (currently 5 percent) and must be repaid beginning after a nine-month grace period following the date when the student is no longer enrolled on at least a half-time basis.
General Program Requirements
In order to qualify for this benefit program, you must be a student pursuing a postsecondary educational degree or certificate.
Loan Terms
Maximum Loan
Amounts: $4,000 annually for undergraduate students (up to
$20,000 total as an undergraduate), and $6,000 annually for graduate
students (up to $40,000 total, including any Perkins Loans you had as an
undergraduate student). Please note that you will not automatically receive
the maximum amounts given here. Annual loan amounts depend on when you
apply, your level of financial need, and the amount of Perkins Loan funds
your school is allocated from the U.S. Department of
Education. Interest
Rate: fixed at 5 percent
Maximum Loan Length: 10
years Frequency of
Payments: monthly or quarterly. After you graduate, leave
school, or drop below half-time enrollment, you have a nine-month grace
period before you begin repayment. Those in the military might have
longer. Prepayment
penalties: none
Fees:
none
The following information will lead you to the next steps to apply for this benefit.
Application Process
To apply for Perkins Loans, fill out the Free Application for Federal Student Aid (FAFSA). You can apply online using FAFSA on the Web at http://www.fafsa.ed.gov (the faster and easier way), or you can get a paper FAFSA from your high school, local library, postsecondary school, or by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). TTY users for the hearing impaired can call 1-847-688-2567.
If you applied for Federal student aid for the previous school year, you can probably file a Renewal FAFSA for the next year. By using a Renewal FAFSA, you will only have to update any information that has changed and fill in a few new answers.
Program Contact Information
For general information about the Federal student aid programs,
assistance in completing the FAFSA, and information about
FAFSA on the Web, call the Federal
Student Aid Information Center (FSAIC) at the following toll-free
number:
800-433-3243
Managing Agency
U.S. Department of Education
http://www.ed.gov
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