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.
To be eligible to receive a Perkins Loan, recipients must:
• Meet full federal eligibility.
• Complete a FAFSA.
• Complete a Federal Perkins Loan Master Promissory Note (MPN). See further details below.
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.
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.
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.