Financial Aid Office
The Federal Perkins Loan is a low-interest federal loan with a fixed 5% interest rate. Due to the recent extension of this program by the Department of Education, until September 30, 2017, eligibility for the Perkins Loan is based on exceptional financial need as determined by the information provided on the FAFSA and the availability of funds.
The Federal Perkins Loan Program provides limited amount of funding for this loan, the average loan is usually $2,000 per year. The maximum undergraduate loan is $5,500 per year and the maximum graduate loan is $8,000 per year. The aggregate unpaid principal amount of all Federal Perkins loans received by an eligible student may not exceed $27,500 for an undergraduate and $60,000 for a graduate student, including amounts borrowed as an undergraduate. Currently, the University does not offer graduate students the Federal Perkins Loan.
As a Perkins Loan borrower, you will be required to sign a Perkins Loan Master Promissory Note the first time you borrow and to complete Exit Counseling when you graduate, drop below half-time, or leave the university. These requirements are different than the Direct Loan requirements.
All students who have received Perkins loans must complete electronic exit counseling as follows: