Originally established in the 1950s, the Perkins program was one of the oldest student loan programs.
Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.
Minimum repayment is $40 per month including 5% interest that begins to accrue nine months after the date the borrower ceases to be enrolled at least half-time and ends 10 years later. No interest accrues on the Federal Perkins Loan during the in-school and grace period. The repayment period may be extended during periods of in-school deferment, hardship, or forbearance. Visit the Student Business Services's website for more information about your Perkins Loan.
Borrowers are entitled to have up to 100% of the original principal loan amount cancelled if the borrower performs in a qualifying service in the areas listed on the promissory note. For more information visit the Federal Student Aid website.