Perkins Loan

Total Loan
Amount
Number of
Payments
Monthly
Payment
Total Interest
Charges
Total
Repaid
$3,000 119 $31.84 $817.86 $3,817.86
1 Final Payment $28.90
$5,000 119 $53.06 $1,363.40 $6,363.40
1 Final Payment $49.26
  • Federally funded
  • Based on financial need
  • Apply by completing the FAFSA
  • Award maximum $3000/yr.
  • Repayment and interest deferred until nine (9) months after graduation or when enrollment status drops below half-time
  • Interest rate is 5% for the length of repayment
  • Given up to ten (10) years to repay loan
  • This chart shows estimated monthly payments and total interest charges for 8.25% loans of varying amounts, with typical repayment periods.
  • After being awarded a Perkins Loan, you will be notified by email to complete your Perkins Master Promissory Note and Perkins loan counseling online.

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