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New to financial aid? Start with the basics.
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.
- Meet full federal eligibility
- Complete a Free Application for Federal Student Aid (FAFSA)
- Complete a Federal Perkins Loan Master Promissory Note (MPN)
Perkins Loans have a 5% fixed interest rate. Interest does not accrue during eligible enrollment or during the 9-month grace period.
There are no loan fees for Perkins Loans.
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.
Loan funds are disbursed to the student's tuition account.