College Zone - Printable Version - Student Zone - Advanced Degree

collegezone.com	Print page	Close window

Each school is limited in the amount of Federal Perkins loan funds that can be awarded. Consequently, some schools that offer both undergraduate and graduate programs may choose not to award Perkins loans to graduate or professional students. Check with the financial aid office at your graduate or professional school to determine if you will be considered for this program.

The Federal Perkins Loan has a low interest rate and a longer grace period than the other educational loans, and allows you to borrow up to $6,000 (graduate study) annually. This loan is available to students who demonstrate exceptional financial need, and must be repaid to the school with the low interest rate of five percent. Repayment begins nine months after you’ve graduated or dropped below half-time enrollment status. The minimum monthly payment is $40 per month. Apply for the Federal Perkins Loan by completing your Free Application for Federal Student Aid (FAFSA). Your graduate or professional school is the lender for the loan, so you will be asked to sign a promissory note and will receive the loan funds from your school.

In some instances, you may be eligible to postpone your loan payment by receiving a deferment. During a period of deferment the federal government will pay the interest on your loan.

A Federal Perkins loan may be cancelled in part or whole under certain conditions. Loan cancellation, forgiveness, or discharge is granted by the U.S. Department of Education.

You can receive both a Federal Perkins and a Federal Stafford loan in the same academic year, provided you meet all eligibility requirements.

Additional information regarding the Federal Perkins Loan is available at the online version of Funding Education Beyond High School: The Guide to Federal Student Aid, provided by the U.S. Department of Education.

Click here to access the online Free Application for Federal Student Aid (FAFSA).