Originally established in the 1950s, the Perkins program was one of the oldest student loan programs.
As of September 30, 2017 the Perkins Loan will no longer be awarded to new borrowers.
Minimum repayment is $40 per month including 5% interest that begins to accrue nine months after the date the borrower ceases to be enrolled at least half-time and ends 10 years later. No interest accrues on the Federal Perkins Loan during the in-school and grace period. The repayment period may be extended during periods of in-school deferment, hardship, or forbearance. Visit the Student Business Services Office's website for more information about your Perkins Loan.
Borrowers are entitled to have up to 100% of the original principal loan amount cancelled if the borrower performs in a qualifying service in the areas listed on the promissory note. For more information visit the Federal Student Aid website to view the Federal Perkins Loan Cancellation and Discharge Summary Chart.