Federal Perkins Loan (closed to new borrowers)

A federal student loan program for graduate and professional students who qualify for need-based federal financial assistance. This loan program was closed to new borrowers on September 30, 2015.

Eligibility: 
  • You must be a U.S. citizen or a permanent resident
  • You must be enrolled at least half-time in a degree program
  • You cannot be in default on a federal student loan
  • You must have federal need
  • You must have received a Perkins loan prior to September 30, 2015, while enrolled in your current degree program.
Interest rate for graduate students: 

5%

Loan fees: 

None

Loan limits: 

The federal government sets the following limits on the loan amounts that a student may be eligible to receive:

  • Graduate and professional students may be eligible for up to $8,000 in Perkins loans per academic year.
  • Graduate and professional students may borrow no more than $60,000 in total Perkins loans, which includes any amount borrowed as an undergraduate.
Interest accrual: 

No interest is charged while a student is in school or during deferment periods.

Repayment: 

Nine-month grace period; maximum 10 years
The standard repayment term is 120 months with a $40 minimum monthly payment.

Application procedure for graduate students: 

This loan program is no longer open to new borrowers.