Office of Student Aid : Loans : 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.
• The current maximum award is $2,200 for undergraduate students and $2,600 for graduate students.
• To be considered for the loan, complete the FAFSA on the Web each year, and answer "yes" to the loan question, which asks if you are interested in educational loans.
• To receive the loan, you must be enrolled at least half-time in a degree program, maintain eligibility requirements, and demonstrate financial need.
• If you are a first-time Perkins borrower, you need to e-sign your Master Promissory Note (MPN). You will not need to sign an MPN for subsequent Perkins Loans.
• Perkins Loan recipients are not automatically reawarded the loan in subsequent years.

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. For more information, access the Office of Loans and Scholarships Web site.
• If you have borrowed one or more Perkins Loans from schools other than Penn State, you may be eligible for in-school deferment while you attend Penn State at least half-time.