We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
A Perkins loan is a type of federal student loan based
on financial need.
Perkins loans are available to undergraduate, graduate, and professional
students. A Perkins loan is a subsidized loan, meaning that the federal
government pays the loan’s interest while you are in school.
How do I apply for a Perkins loan?
You can apply for a Perkins loan by completing the Free Application for
Federal Student Aid (FAFSA) at https://fafsa.ed.gov.
Not all schools participate in the federal Perkins Loan Program, so check with
your school’s financial aid office to see if your school participates.
How much can I borrow?
Your school’s financial aid office determines the amount of your Perkins
loan. The Department of Education’s
Federal Student Aid website has the most up-to-date information on
Perkins loan limits.
What do I need to know about
repaying my Perkins loan?
Unlike other federal loans, your school is the lender for Perkins loans. This
means you will work with your school or a company hired by your school to repay
these loans. Once you start to repay your Perkins loan, you may have a
different loan
servicer for this loan than the rest of your federal loans. You will
typically start paying back your loan nine months after you graduate or drop
below half-time enrollment in school. The longest repayment term for Perkins
loans is 10 years.
The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.
