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