Federal Perkins Loan

Available to:
Same as Federal Pell Grant except also available to matriculated graduate students. 

Amount:
This is a campus-based program; awards vary according to need and availability of funds. Maximum award is $3000 per year and an aggregate of $15,000 for undergraduate study; $30,000 cumulative maximum including graduate study. 

Disbursement:
Promissory note must be signed. Proceeds distributed by semester. Loan may be used as a deferment if paperwork is complete. 

Repayment:
Current interest rate is 5%. Repayment begins following the grace period initiated by termination of at least halftime study. Grace period is either six or nine months determined by date of first loan. Up to ten years to repay. Forgiveness opportunities available. 

How to Apply:
Same as Federal Pell Grant. The application process must be complete prior to the last day of the term or of the student's attendance, which ever comes first.