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The Federal Perkins Loan program is a college or university-based program, in that the program is administered by the financial aid office at participating schools of higher education. Federal Perkins Loans are low-interest (5 percent) loans for both undergraduate and graduate students demonstrating financial need. The college or university that you attend is your lender, and the loan is made with government funds. The loan must be repaid to your school.
Depending on the year you apply, your level of demonstrated need, and the school's funding level, you can:
- Borrow up to $4,000 for each year of undergraduate study. The total amount you can borrow as an undergraduate is capped at $20,000.
- Borrow up to $6,000 for each year of graduate or professional study. Again there is a cap of $40,000 you can borrow as a graduate or professional student. This includes any Federal Perkins Loans that you borrowed as an undergraduate.
Other forms of this term include - Perkins Loan |
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