Perkins Loans

The Perkins Loan is awarded to students with extreme financial need. The school is the lender, and this is a very favorable type of loan.

All Perkins Loans are subsidized and the interest rate is fixed at 5 percent. There are no fees associated with the loan and the repayment period is 10 years.

There is a $4,000 per year limit for undergraduate students and a $6,000 limit for graduate students. There are cancellation provisions for Perkins Loans, which means it's possible that you wouldn't have to pay them back. You may be eligible for loan cancellation if you work in the following areas:

Full-time teacher in a designated elementary or secondary school serving students from low-income families.

Full-time special education teacher (includes teaching children with disabilities in a public or other nonprofit elementary or secondary school).

Full-time qualified professional provider of early intervention services for the disabled

Full-time teacher of math, science, foreign languages, bilingual education, or other fields designated as teacher shortage areas.

Full-time employee of a public or nonprofit child- or family-services agency providing services to high-risk children and their families from low-income communities.

Full-time nurse or medical technician.

Full-time law enforcement or corrections officer.

Full-time staff member in the education component of a Head Start Program.

Vista or Peace Corps volunteer.

Service in the U.S. Armed Forces.

Closed school (before student could complete program of study).

Please check with your school to see if you qualify for any of the above provisions. Be aware that if you consolidate your Perkins loan, it is no longer a Perkins loan and you will not be eligible for any of the cancellation provision.

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