Federal Perkins Loans

  • Low-interest loans for undergraduate and graduate students with exceptional financial need
  • Loans are 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

Interest rate

Perkins Loans have a fixed interest rate of five percent.

Loan limits

  • Undergraduate students:
    • Up to $5,500 a year
    • Aggregate (cumulative) loan limits of $27,500
  • Graduate/professional students:
    • Up to $8,000 a year
    • 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.


Learn more about Perkins Loan repayment.

Deferment and forbearance

If certain special circumstances arise that make it temporarily difficult for you to make your loan payments, you may qualify for a deferment or forbearance.

Cancellation, forgiveness, and discharge

Learn more about cancellation of Perkins Loans.

More information

Contact your school's financial aid office for more information.


Federal Perkins Loan Master Promissory Note (MPN; PDF)