Federal Perkins Loan

Terms and conditions of the Federal Perkins Loan include:

  • The Federal Perkins Loan fund is a limited, need-based fund. Eligiblity is determined after the start of the academic year based and is based on students’ federally determined need.
  • Available to U.S. citizens or permanent residents
  • No interest accumulates while the student is enrolled in school at least half-time and during the nine-month grace period following graduation
  • Fixed interest rate of 5% during repayment
  • No origination or guarantee fees
  • $6,000 maximum limit per academic year; $40,000 aggregate loan limit for both undergraduate and graduate study
  • Repayment and interest accrual begins nine months after graduation, withdrawal from school, or when a student drops below half-time enrollment
  • Maximum repayment period is 10 years
  • No penalty for early repayment

Terms and conditions are subject to change according to federal law.  For more information about the Federal Graduate PLUS loan program, visit the Chicago Office of Financial Aid.