Definitions for "Federal Perkins Loan"
Submenu The Federal Perkins Loan is a low-interest (5%) loan for both undergraduate and graduate students with financial need. The school is your lender and the loan is made with federal government funds. You must repay the loan to your school.
One of the campus-based programs; a long term, low interest loan program for both undergraduate and graduate students at a current interest rate of 5%. The standard repayment period for a Perkins loan is 10 years. There are also cancellation provisions based on certain specifically defined criteria, such as teaching and community service.
A low interest (5%) loan made directly to students from the school using federal funds. Based on need as determined from information supplied on the FAFSA.