Federal Perkins Loan Program
A Perkins loan is a low interest (5%) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins loans are made through a school’s financial aid office. The school is the lender and the loan is made with government funds. Repayment begins nine months after the student graduates, leaves school or drops below part-time status. The nine-month delay of repayment is called the grace period. You have ten years to repay the loan, excluding periods of deferment or forbearance, during which time payments are suspended. For more information on Perkins loans contact your school's financial aid office.