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The Federal Perkins Loan Program is a federally sponsored student loan available at most schools through the Higher Education Act.
Read more about it. Click one of the questions below.
Brazos can help you understand the financial aid process. If you have questions, call us at 800-453-0841, or send us an email.
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What is a Federal Perkins Loan?
The Federal Perkins Loan is a federally sponsored student loan program available at most colleges and universities. It is comprised of a combination of federal funds and school matching funds. It is called a "Campus Based" program
because the school selects the recipients and administers the program.
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Do I qualify for a Federal Perkins Loan?
A Federal Perkins Loan is awarded on the basis of financial need. Eligibility is determined in the needs analysis process. The school will determine if your eligibility while considering all sources of financial aid that you might
receive. Generally, applicants with the most need will be given priority.
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How much can I borrow?
- Maximum amounts are $4,000 per year for undergraduate students and $6,000 per year for graduate and professional students.
- Cumulative limits are $20,000 for undergraduate students and $40,000 (including undergraduate loans) for graduate and professional students
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What are the terms?
- The interest rate for Federal Perkins Loans is currently 5%.
- Repayment begins nine months after you graduate, withdraw, or drop below half-time attendance.
- You may have up to ten years to repay.
- The minimum payment amount is $40 per loan.
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How do I apply?
Complete the Free Application for Federal Student Aid (FAFSA) as in the normal application process. Your school may also have an institutional application you must complete.
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