Eligibility and Awarding

  • The Federal Perkins Loan is a low-interest loan (fixed at 5%) awarded to both undergraduate and graduate students with high financial need.
  • These loans range from $900 to $2,000.
  • To be considered for the loan, complete the Free Application for Federal Student Aid (FAFSA) and indicate an interest in loans. Funds are awarded based on availability.
  • To receive the loan, you must be enrolled at least half-time in a degree program, maintain eligibility requirements, and demonstrate financial need.
  • Federal Perkins Loan recipients are not automatically awarded the loan in subsequent years.
  • If you are a first-time Federal Perkins borrower, you need to e-sign your Master Promissory Note (MPN). You will not need to sign an MPN for subsequent Federal Perkins Loans.

Repayment

  • Repayment begins after your nine-month grace period. Your grace period begins after graduation or any period of non-enrollment of nine months or more.
  • If you cannot repay your loan after the nine-month grace period, you may be able to postpone repayment by pursuing deferment or forbearance.
  • If you have borrowed one or more Federal Perkins Loans from schools other than Pitt-Titusville, you may be eligible for in-school deferment while you attend Pitt-Titusville at least half-time.
  • When you graduate or leave Pitt-Titusville, you will be required to complete a Federal Perkins Loan Exit Interview.