Federal Perkins Loan
Eligibility:
- Applicants who indicate on the FAFSA that they are interested in student loans and file the FAFSA by the March 1 priority date are considered for a Perkins Loan.
- Awarded to students with the lowest Expected Family Contribution.
- Must be enrolled at least half time
Loan terms and conditions:
- 5 percent interest rate
- Payments begin 9 months after the student stops attending at least half time
- Maximum annual loan limit is usually $2,250
- Cumulative loan maximum is $8,000 for first two years of school and $20,000 for completion of a bachelor’s degree
