The Federal Perkins Loan is a federally funded long-term, low-interest loan with repayment deferred until after you graduate, withdraw, or drop to less than half-time enrollment. Student Financial Affairs selects recipients and determines loan amounts based on greatest financial need as determined from students’ FAFSA. To be considered for this program, apply as soon as possible after January 1, 2016 (for 2016-17 FAFSA) or October 1, 2016 (for 2017-18 FAFSA).
Undergraduate students may borrow up to $4,000 an academic year, up to a total of $27,500 toward an undergraduate degree through the Federal Perkins Loan program. Graduate students may borrow up to $6,000 a year up to a total of $60,000 including both undergraduate and graduate loans. Repayment is made in equal installments, beginning nine months after you withdraw, graduate, or drop to below half-time status. The minimum repayment amount is $40 a month, and 5% interest is charged on the unpaid balance.
The maximum time for repayment is ten years, not including deferred payment time. Provisions are made for deferment or cancellation of loan repayment under specific circumstances.
To be eligible, you must:
- be a U.S. citizen, national, or permanent resident
- show need on your FAFSA need analysis report
- maintain satisfactory academic progress
- not be in default on or owe a refund to any previous aid program
- be enrolled at least half-time
See “How to Apply for Aid.”
To receive funds:
- See “Receiving Your Financial Aid.”
- First-time Federal Perkins Loan borrowers must complete Entrance Counseling before their loans can be disbursed. Before the start of classes, the University Bursar (UB) will mail them instructions on how to complete online Entrance Counseling. For more information, call UB at (352) 392-0738. See the Disbursements page.