The Perkins loan is awarded to undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or default fees and the interest rate is fixed at 5%. There is a 10-year repayment period.
The amount of Perkins loan funding you receive is determined by your school’s financial aid office. Perkins loans are awarded on a first-come, first-serve basis, so it is recommended that you complete all necessary financial aid paperwork as soon as possible.
For information on Perkins repayment contact the Office of Student Accounts at (315) 279-5237 or by e-mail at email@example.com.