Federal Perkins Loan

Eligibility

• Student must complete the FAFSA form to be eligible
  
• Priority given to undergraduate students with high need
  

Loan Amount (Maximum)

• $1,000-$2,000 first and second year students
  
• $1,000 for third and fourth year students
  

Repayment

• Payments begin nine months after discontinuance of half-time status or after graduation.
  
• Minimum payments are $120 every three months.
  
• Payment is made back to A-B.
  
• Federal Perkins loan may qualify for cancellation under certain conditions.
  

Interest Rate

• Interest rate is fixed at 5%
  
• Interest does not begin to accrue until student enters repayment