FEDERAL PERKINS LOANS

 

What is the Federal Perkins Loan Program?
The Federal Perkins Loan Program was first authorized by the National Defense Education Act of 1958 and is one of three postsecondary aid programs collectively known as the ‘campus-based aid’ programs, which are administered by participating institutions of higher education. The Perkins Loan Program offers low-interest federally subsidized student loans for students with exceptional financial need and also offers a variety of forgiveness and cancellation options. Interest rates on Perkins Loans are fixed at a rate of 5% per year. While this rate is higher than the standard 4.29% interest rate on undergraduate loans this year, interest on Perkins Loans does not begin to accrue until nine months after a student enters repayment after college. These loans help keep student loan debt low and manageable for many families. Undergraduates borrowing is capped at $5,500 per year in Perkins Loans, and graduate students are capped at $8,000 per year in Perkins Loans. Approximately 87 percent of current Perkins Loan recipients are undergraduate students, and 13 percent are graduate students. Institutions are required to give priority to students with exceptional financial need. Perkins Loan borrowers are predominantly from lower income families and are often the first in their family to attend college.

Perkins Update effective December 18, 2015
The U.S. Department of Education Dear College Letter which contains changes in the Perkins Loan program.

CSU Federal Perkins Loan Policy
On October 22, 2009, Wayne D. Watson, Ph.D., the then President of Chicago State University, issued a Memorandum concerning “Procedures for Awarding and Disbursing the Perkins Loan”.  Please be aware that funding is very limited. A student wishing to be considered for Perkins may make initial application by adding his/her name, and pertinent contact information, to a "sign-up list", which will be available during regular business hours, prior to the beginning of each academic year on August 1st, at the Office of Student Financial Aid customer service windows. 

Federal Perkins Loan Program Disclosure Statement
This disclosure statement provides additional information about this loan program that is required by the U.S. Department of Education for institutions to provide to all Federal Perkins Loan borrowers before making the first disbursement.

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