Federal Perkins Loan

On This Page:

Eligibility  |  Rates, Fees and Limits  |  How To Apply Getting Your Funds  |  Paying Back Your Loan

Photo courtesy of CU GSAS

The Perkins Loan

Funding for Perkins Loans is by federal appropriation to the University, which then allocates funds to various divisions. Therefore, Perkins funds are limited. Perkins Loans are awarded to students based on an assessment of exceptional financial need as determined by the results from a FAFSA and the policies of each school’s financial aid office.

 

Eligibility


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Rates, Fees and Limits

 

INTEREST RATE

Perkins Loans have a 5% fixed interest rate. Interest does not accrue during eligible enrollment or during the 9-month grace period.

 

FEES

There are no loan fees for Perkins Loans.

 

BORROWING LIMITS

The annual limit for eligible undergraduate students is $5,500. The cumulative borrowing limit is $27,500 for undergraduate students who have completed two years of study, and $11,000 for all other undergraduate students.

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How To Apply

There is not a separate loan application for Perkins Loan consideration. However, if you are awarded a Perkins Loan, you will need to complete a Federal Loan Master Promissory Note (MPN). Please check with your School Financial Aid Office for additional form requirements and for more information.

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Disbursement

Loan funds are disbursed to the student's tuition account.

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Repayment

Learn more about repayment options for Federal Perkins Loans here.

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