The Perkins Loan program was extended in the Federal Perkins Loan Program Extension Act of 2015 on December 18, 2015. No new Perkins Loans will be made after September 30, 2017. Perkins Loans are:
- Low-interest loans for undergraduate and graduate students with exceptional financial need.
- Made with government funds through a school's financial aid office, and the school acts as the lender.
- You are not responsible for paying the interest on the loan during in-school, grace, and deferment periods.
Perkins Loans have a fixed interest rate of five percent.
- Undergraduate students:
- Up to $5,500 a year
- The Federal Perkins Loan Program Extension Act of 2015 created new Perkins Loan eligibility criteria:
- If you have an outstanding balance on a Perkins Loan at the school, the school will award you a Direct Subsidized Loan before a Perkins Loan.*
- If you do not have an outstanding balance on a Perkins Loan, the school will award you all Direct Subsidized and Unsubsidized Loans for which you are eligible before a Perkins Loan.*
- Aggregate (cumulative) loan limits of $27,500
- Graduate/professional students:
- Up to $8,000 a year
- Per the Perkins Loan Extension Act of 2015, eligible graduate students who received a Perkins Loan before October 1, 2015 may continue to receive Perkins Loans to continue or complete the academic program for which the student received the most recent Perkins Loan.*
- Aggregate (cumulative) loan limits for undergraduate and graduate combined of $60,000
- Non-undergraduate or non-graduate/professional students: Aggregrate (cumulative) loan limits of $11,000
The actual amount you'll receive depends upon your financial need and the school's level of funding.
*You may choose not to borrow the Direct Loan(s), but the Direct Loans will be included in the eligibility calculation for the Perkins Loan.
Deferment and forbearance
Cancellation, forgiveness, and discharge
Contact your school's financial aid office for more information.