Federal Perkins Loan

The Federal Perkins Loan is a low-interest loan offered to qualifying students with exceptional financial need. The loan is interest free while the student is enrolled in school at least half-time. The program is administered by the Northwestern University Student Loan Office and loans are repaid to Northwestern University. Due to limited funding, priority for Perkins loans is given to students who complete their financial aid application process on time.

All first-time borrowers must complete an entrance interview on their rights and responsibilities as Federal Perkins Loan borrowers. Entrance counseling can be completed online.

Terms and conditions of the Federal Perkins Loan include:

Need-based loan
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 accural 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 Perkins Loan program, visit Northwestern Student Loans.