The federal Perkins Loan program provides low-interest loans to students to help
with the costs associated with college education. The Perkins Loan is need-based
so not all students will qualify for the program.
Perkins student loans are distinct from the other federal student loan programs
in that the loans are disbursed by the school in which you are enrolled. Each school
participating in the Perkins program receives a certain amount of funds each year
to be disbursed to the students. Once these funds run out no more awards are made
for that academic year.
Undergraduate students can borrow up to $4,000 per academic year under the Perkins
loan program, and can borrow a maximum of $20,000 during their undergraduate career.
For graduate students, the loan amount increases to $6,000 per academic year and
$40,000 total including your undergraduate loans.
Eligibility and loan amount are decided based on the financial need of the student.
In order to apply for a Perkins loan the student must fill out a FAFSA application
for that academic year. For more information on this program, be sure to contact
your school’s financial aid office.