Perkins Loans

The Perkins loan is a low-interest federal student loan program that is based on the student’s financial need. The government provides a set amount of funds; your school contributes an additional amount of money then serves as the administrator of the loan program. When the times comes for you to repay this loan, you actually repay it to your school.

Under current guidelines, the loan has a 9-month grace period and a 10-year repayment term (this means you have 9 months after you drop below half-time enrollment before you have to begin repaying it, and you have up to 10 years to pay the loan in full).

The Federal Student Aid Information Center has a toll-free number for additional information about this program: 1-800-4-FED-AID (1-800-433-3243).