A Federal Perkins Loan is a fixed five percent interest loan for undergraduate students with financial need. Students may borrow up to $4,000 each academic year for up to 4 years. Like the Stafford, this is a loan that must be repaid.
When do students pay back Perkins Loans?
If a student is attending school at least half-time, they have
nine months after they graduate, leave school or drop below half-time status
before they must begin repayment (Students may have longer than nine months
if they are on active duty in the military). At the end of the grace period,
students must begin repaying their loans. Students may be allowed up to 10 years
to repay