Federal Perkins Loan

Eligibility and Awarding

• The Federal Perkins Loan is a low-interest loan (fixed at 5%) awarded to both undergraduate and graduate students with high financial need.
• These loans range from $900 to $2000.   
• To be considered for the loan, complete the Free Application for Federal Student Aid (FAFSA)  and indicate an interest in loans. Funds are awarded based on availability.
• To receive the loan, you must be enrolled at least half-time in a degree program, maintain eligibility requirements, and demonstrate financial need.
• Federal Perkins Loan recipients are not automatically awarded the loan in subsequent years.
• If you are a first-time Federal Perkins borrower, you need to e-sign your Master Promissory Note (MPN). You will not need to sign an MPN for subsequent Federal Perkins Loans.

Repayment

• Repayment begins after your nine-month grace period. Your grace period begins after graduation or any period of non-enrollment of nine months or more.
• If you cannot repay your loan after the nine-month grace period, you may be able to postpone repayment by pursuing deferment or forbearance.
• If you have borrowed one or more Federal Perkins Loans from schools other than Pitt-Bradford, you may be eligible for in-school deferment while you attend Pitt-Bradford at least half-time.
• When you graduate or leave Pitt-Bradford you will be required to complete a Federal Perkins Loan Exit Interview.