Federal Perkins Loan
Type of aid:
Loan – must be repaid
Interest charged:
5% fixed rate
Award amounts:
$1,500 typically, but can vary
Enrollment required:
- 12 credit hours
required for undergrad full award consideration. - 6 credit hours
minimum for undergrad payment - award may be adjusted. - 9 credit hours
required for graduate full award consideration - 5 credit hours
minimum for graduate payment - award may be adjusted.
Grace Period:
9 months from last date of half time enrollment
Academic level:
Undergraduate or graduate degree-seeking students
EFC range:
0 - 4,999
Filing date:
March 1st is strongly encouraged, but not strictly required.
Payment process:
Applied directly to your school bill
Costs it can cover:
Any educational expenses
Paperwork required:
FAFSA and documents requested to complete your aid file.
- Answer "Yes" on FAFSA question about interest in student loans.
- Sign the Perkins Promissory Note in the Office of the Controller.
- Sign all additional forms needed by the Office of the Controller.
Special rules:
- First disbursement cannot be earlier than 10 days before semester starts.
- An Entrance Interview is required before receiving the first disbursement.
- During the Entrance a number of forms are required to be signed which may include: Loan Disclosure Statement, Loan Disbursement Voucher, Truth In Lending Letter, Balance Outstanding Statement (gives a total of all Perkins loans at ISU), Information Sheet (including references for parents and two additional individuals at separate addresses), and other papers as needed.
- The Office of the Controller will also need a copy of the borrowers driver's license and/or other picture ID.
- An Exit Interview is required when no longer enrolled ½ time or more.
- The Exit can be done in group or individual settings.