Perkins Loan

U.S. Department of Education
Type Loan
Amount $4k - 6k
Duration 8 YearsPlease see the website for more details.

Description

A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with financial need. Your school is your lender. The loan is made with government funds, and your school contributes a share. You must repay this loan to your school.

How much can I borrow?
Depending on when you apply, your level of need, and the school’s funding level, you can borrow up to

  • $4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000).
  • $6,000 for each year of graduate or professional study (the total amount you can borrow as a graduate/ professional student is $40,000, including any Federal Perkins Loans you borrowed as an undergraduate)

More Information

http://www.studentaid.ed.gov/students/publications/student_guide/2003_2004/english/types-fedperkinsloan.htm

Your College or University Financial Aid Office
U.S. Department of Education