Federal Perkins Loan
A Federal Perkins Loan has a fixed 5% interest rate. This loan is awarded to undergraduate or graduate students with exceptional financial need. Approximate annual amounts are between $500 to $3,000 for undergraduate students and $500 to $5,000 to graduate and professional students. Priority for a Federal Perkins Loan is given to students who meet our priority date for submitting the Free Application for Federal Student Aid (FAFSA). For the 2015-2016 academic year, the OSFA priority date to submit the FAFSA is Sunday, March 1, 2015.
A Federal Perkins Loan must be repaid, with the first payment due 9 months after you graduate, withdraw, or drop below half-time enrollment. If you have accepted a Federal Perkins Loan within iSIS, a master promissory note (MPN) must be signed and loan information completed by following the Perkins MPN & Loan References details listed on your To Do List before the loan will disburse.