Perkins Loans are low-interest federal student loans for undergraduate students with exceptional financial need. Interest rate for this loan is fixed at 5%, and the funds depend on your financial need and the availability of funds.
You should apply for federal student aid early (by March 1st) to make sure you are considered for a Perkins Loan. Complete the Free Application For Federal Student Aid (FAFSA)
. You will need to complete a Perkins Master Promissory Note (MPN)
before the funds can be applied to your account.
Undergraduate students may be eligible to receive up to $5,500 a year. The total you can borrow as an undergraduate is $27,500. If you are attending school with at least a half-time status, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.