Federal Perkins Loans
The Federal Perkins and Federal Nursing Loans are loans that accrue no interest while the student is enrolled at least half-time in a degree-seeking program. These loans have a nine month grace period before repayment begins, during which no interest accrues. During repayment, a fixed interest rate of 5% is enforced. The Federal Perkins Loan offers loan cancellation/forgiveness for many careers or areas of service. To learn more, click here.
The Perkins Loan program is scheduled to end after the 2017-2018 academic year (no new loans may be disbursed after Sept. 30, 2017, but if you receive a loan for 2017-18 and the first disbursement is made by September 30, 2017, you can still receive a spring disbursement for that loan.) When planning for academic years 2018-19 and beyond, you should not include Perkins loan eligibility in your calculations. Please note that 2017-18 eligibility for Perkins will be made based on your financial aid package and information for that year along with availability of funds. Receiving the Perkin Loan funds in 2016-17 does not guarantee eligibility for 2017-18.
Students must accept their eligibility for Federal Perkins/Nursing Loans in their student portal. First-time Perkins/Nursing Loan borrowers must also complete an online entrance interview and electronically sign a Master Promissory Note (click on links below).