Perkins LoansUnder federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.
Perkins Loans were student loans administered by your school with funds provided by the federal government. Each year the government allocated a certain amount to each school that was participating in the Perkins Loan program. When that money was been given out, there was no more for that year.
You must fill out a Free Application for Federal Student Aid (FAFSA) form to be considered. Once the FAFSA has been processed, the school will inform you of your eligibility for the Perkins Loan. As with the Stafford Loan, you will have to sign a promissory note that will spell out the terms and conditions of the loan.
The Perkins Loans are available for both undergraduates and graduate students. You do not have to be enrolled at least half time to be eligible.
Maximum Loan Amounts
The interest rate on the Perkins Loans is set at 5%. Repayment period can be up to 10 years.