Perkins Loan Eligibility
Perkins Loans are available to students who are any of the following:
- Full-time
- Part-time
- Graduate
- Undergraduate
You must be a US citizen, national, permanent resident, or have other special status. You do not have be enrolled half-time. The hardest part about getting a Perkins Loan is that you must demonstrate financial need relative to other students. Apply early if you’re hoping for a Perkins Loan.
Perkins Loan Highlights
Borrowers who use Perkins Loans may enjoy:
- No credit check needed
- Flexible repayment options (including consolidation)
- No prepayment penalty
- A fixed 5% interest rate
- Interest is subsidized while you’re in school
How to Get a Perkins Loan
To get the ball rolling, you’ll need to:
- Complete the FAFSA process as early as possible
How Much Can I Borrow?
The maximum loan depends on your status. Undergraduate students may get up to $4000 annually and $20000 over their undergraduate lifetime. Graduate students have a $6000 annual limit and $40000 lifetime limit.
Note that you may not get the maximum allowable loan. Your school determines actual awards and may choose to split up limited resources (government money) among a large number of students.
For Additional Information
Your Financial Aid office is really the best place to go with questions. You can also visit:
- The Department of Education’s loan page (where you can view the Student Guide)
- The Federal Student Aid Direct Loans site
