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Federal Perkins Loan Summary

The Perkins Loan is a federal loan offered as part of a financial aid package for undergraduate, graduate and professional students.

The chart below provides a partial list of the terms and conditions for the Federal Perkins Loan:
  • General Information
  • Interest Rates
  • Repayment Information

Since these details vary by origination date and exact loan type, borrowers should refer to their promissory note for the actual terms and conditions for their loans.
Repayment
Grace period
  • 9 months after graduation or separation
  • 6 months after deferment.
Notices are mailed 90, 60 and 30 days before payment begins.
Repayment period 10 years
Payment schedule Provided at your exit interview; signature is required.
Repayment start date 9 months after graduation or separation
Prepayment There is no penalty for early repayment. When you make your loan payment, specify that you wish it to be applied as a prepayment.
Minimum payment $40 per month
Late charge 5% of the scheduled payment
Report to credit bureau Yes
Deferment See the Perkins Loan column of the Federal Loan Deferment Summary, and refer to your promissory note for details. Contact the Student Loan Office with questions and to apply. Annual certification is required.
Forbearance Refer to your promissory note for details. Contact the Student Loan Office with questions and to apply.
Cancellation See the Perkins Discharge/Cancellation Summary. Refer to your promissory note for details. Contact the Student Loan Office with questions and to apply.
Repayment assistance Assistance may be available if you serve in the military. For more information, contact your recruiting officer.
Federal loan consolidation Yes
Delinquency and default Transfer loan to collection agency, legal action