Federal Perkins Loan
The Federal Perkins Loan program ended on September 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans. According to the Federal Department of Education the Federal Perkins Loan Extension Act prohibits any further extensions of the Perkins Loan Program under section 422(a) of the General Education Provisions Act (GEPA). Schools may not make Perkins Loans to any student on or after October 1, 2017.
Repayment and forgiveness benefits for the Perkins Loan Program differ from those offered for other student loan programs like the Federal Direct Subsidized and Unsubsidized loans.
- For more information about loan repayment, deferment, forgiveness, or cancellation of a Perkins Loan, visit Student Financial Services Perkins Loan Program
- For more information about general loan repayment for other federal student loans, visit Federal Student Aid
Upon repayment you can consolidate your Perkins Loan with other federal education loans. While this will allow you to have a single monthly payment instead of multiple payments, you may pay a higher interest rate for a consolidation loan. Once you have entered repayment, you can apply for or get information about a Direct Consolidation Loan at StudentLoans.gov
- Interest Rates for Direct Loans First Disbursed on or After July 1, 2015
- Perkins Loans, regardless of the first disbursement date, have a fixed interest rate
|Type of Loan||Interest Rates|
|Direct Subsidized Loans||4.29%|
|Direct Unsubsidized Loans||4.29%*|
|Federal Perkins Loan||5%|
*Graduate or Professional Direct Unsubsidized Loans have a different interest rate of 5.84%