Definitions for "Federal Perkins Loan Program"
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. The school is the lender. The loan is made with government funds with a share contributed by the school. The borrower must repay the loan to the school.
This campus-based loan program provides low-interest student loans to undergraduate and graduate students with financial need. Formerly, it was called the National Direct Student Loan (NDSL) Program and the National Defense Student Loan Program. In 1987, it was renamed to honor Congressman Carl D. Perkins; later the word "Federal" was added to its name. See CAMPUS-BASED PROGRAMS.
A federally funded program based on need, administered by colleges, that provides low-interest (5 percent) loans of up to $3,000 per year during undergraduate study and up to $15,000 for the total undergraduate program. The combined cumulative total of loan funds available to an individual for undergraduate and graduate education is $30,000. Repayment need not begin until completion of the student's education or after limited periods of service in the military, Peace Corps, or approved comparable organizations.