Federal Perkins Loan Program
The Federal Perkins Loan Program provides low interest (5% fixed rate) loans to help needy students finance the costs of postsecondary education. This loan is separate from the Direct Loan program in the amount that may be borrowed as well as some of its cancellation benefits.
The Perkins Loan Program has a nine-month grace period, so that borrowers begin repayment in the tenth month upon graduating, falling below half-time status, or withdrawing from their college or university. Because the Perkins Loan is subsidized by the government, interest does not begin to accrue until the borrower begins to repay the loan
This loan is a limited fund, so eligibility is determined by the date FAFSAs are filed as well as the student’s overall need. If you have been selected for a Perkins loan, you will need to complete a Perkins promissory note and counseling session through Campus Partners iPROMise site. Campus Partners will send you an email once they have received your information and you are eligible to compete your requirements.
Perkins borrowers are eligible for loan cancellation for teacher service at low-income schools. A borrower who has difficulty repaying a Perkins Loan should contact the school where he or she received the loan directly to find out if he or she is eligible for a deferment or forbearance based on economic hardship or other circumstances.