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Federal Perkins Loans

Federal Perkins Loans are for students with the greatest financial need. These loans are made by the college or university using government funds.

A few Federal Perkins Loan facts:

  • You must complete the Free Application for Federal Student Aid (FAFSA).* to find out if you qualify for a Federal Perkins Loan.
  • The loan amount is based upon funding available to the college or university.
  • There are no origination or guarantee fees.
  • The interest rate is fixed at 5.00%.
  • Repayment begins nine months after you graduate, leave school or drop to less than half time.

*The FAFSA is a free form that may be completed without professional assistance via paper or electronic forms provided by the U.S. Department of Education at www.fafsa.ed.gov.

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