Federal Perkins Loan
The
Federal Perkins Loan Program provides
low-interest loans to help students with
need finance the costs of postsecondary
education. Students can receive Perkins
loans at any one of approximately 1,800
participating postsecondary institutions.
Institutional financial aid administrators
at participating institutions have
substantial flexibility in determining the
amount of Perkins loans to award to students
who are enrolled or accepted for enrollment.
Borrowers
who undertake certain public, military, or
teaching service employment are eligible to
have all or part of their loans canceled.
Financial
need is determined by the Department of
Education, using a standard formula,
established by Congress, to evaluate the
financial information reported by the
student on the
Free
Application for Federal Student Aid
(FAFSA).
|
Annual Limits |
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Totals |
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Undergraduate maximum |
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$4,000 |
|
Graduate |
|
|
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$6,000 |
|
Federal Student Guide Handbook |
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Aggregate Limits |
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|
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Not yet completed 2 academic years |
|
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$8,000 |
|
Undergraduate |
|
|
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$20,000 |
|
Graduate |
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$40,000 |
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The Federal Perkins Loan will not be
delivered to a student’s account until the
University has a valid
FAFSA
on file, acceptance of the Perkins loan by
return of the signed award letter entrance
counseling and a MPN has been completed. |
