Federal Perkins Loans

Federal Perkins Loan eligibility is based on Established Financial Need as determined by the Financial Aid Application Process.  Loan repayment begins nine months following graduation or after leaving school. Interest accrues at 5% per annum during repayment. The loan is processed by the University.

Effective the 2009-10 Award Year, maximum Award Year amounts are $2,000 for both undergraduate and graduate students. Undergraduate students must have an Expected Family Contribution (EFC) less than or equal to 4500 while graduate students must have an EFC less than or equal to 5300.  Federal Perkins Loans are awarded subject to the Priority Consideration Dates for Need Based Limited Funds.  Federal Perkins Loan funding is now very limited at the University because the U.S. Congress has not provided additional capital to participating colleges and schools in recent years and fewer students are in an active Perkins Loan repayment status.

Undergraduate students are limited to a cumulative $8,000 in Federal Perkins Loans until 60 semester hours have been earned and then are limited to a $20,000 cumulative loan limit.  Graduate students are limited to $40,000 in cumulative Perkins Loans as an undergraduate/graduate.