You are here
Federal Perkins Loan
Federal Perkins Loans are low-interest loans for undergraduate student who complete a FAFSA and demonstrate exceptional financial need. This program has expired as of September 30, 2017.
We do not anticipate making any new Perkins Loans for the 2018 - 2019 academic year.
Under section 461(b)(1) of the Higher Education Act of 1965, as amended (the HEA), the authority for schools to make a Federal Perkins Loan ended on September 30, 2014, with an automatic one-year extension pursuant to section 422(a) of the General Education Provisions Act (GEPA). Thus, absent Congressional action, schools may no longer make Federal Perkins Loans to new borrowers or graduate students.
- Interest is assessed at 5% APR fixed once the student drops below half-time enrollment or graduates. Interest will not collect while the student is enrolled in 6 or more credit hours.
- Repayment begins after a 9-month grace period.
- The award amount is usually $2,500 per student and is contingent on availability of funds.
To find out more about repayment options before receiving a Perkins Loan, borrowers may contact the Office of the Controller at Indiana State University.
Information is also available by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).