The Perkins Loan is awarded to undergraduates and graduate students with exceptional financial need. This is a campus based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. The Perkins loan is the best student loan available. It is a subsidized loan, with the interest being paid by the federal government during the in school and 9 month interest being paid by the federal government during the in school and nine month grace periods. There are no origination or guarantee fees, and the interest rate is five percent. There is a 10-year repayment period. The amount of Perkins loan you receive is determined by your school's financial aid office.
