The Perkins loan is a federally regulated student loan that colleges and universities receive from the U.S. Department of Education. Funding is limited and is generally awarded to first year students with very high financial need. The average award is $1,000 per year.
The interest rate on Perkins loans is fixed at 5%.
Perkins loans have a nine month grace period after the student graduates or ceases half-time enrollment before repayment begins.
Students complete the steps to accept Perkins loans during orientation (complete entrance counseling and sign the Perkins Promissory Note) .