What is a Federal Perkins Loan?
Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with financial need. OSU administers the Federal Perkins Loan program in compliance with regulations established and monitored the U.S. Department of Education. This program depends upon payments made by former OSU students to provide most of the money it lends to current students. Federal Perkins Loans have a fixed interest rate of 5%, which begins to accrue 9 months after the borrower ceases to be at least a half-time student. These loans carry a number of deferment and cancellation provisions.
The Federal Perkins Loan is a component of the financial aid award. If you are eligible for this loan, the award notification indicates the maximum amount you may borrow. Federal Perkins Loans are available to U.S. citizens or eligible non-citizens based on demonstrated financial need. The loan limit is $5,500 per academic year for undergraduate students with an aggregate total of $27,500. Interest on Federal Perkins Loans is a 5 percent fixed rate. Loan repayment and interest accrual begins nine months after graduation or less than half time enrollment.
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need as determined by the school’s financial aid office. The school acts as the lender and you will make payments to it directly once you enter repayment. The loan is made using government funds with a share contributed directly by the school. You can find out more about this loan program and other types of campus-based aid on the U.S. Department of Education’s Web site at http://studentaid.ed.gov/PORTALSWebApp/students/english/campusaid.jsp?tab=funding.
