The Federal Perkins Loan Program provides low-interest loans to help deserving undergraduate and graduate students with exceptional financial need pay for their educations.
The amount of a Perkins Loan is based on your financial need, which is determined by the information you provide on the Free Application for Federal Student Aid (FAFSA).
The amount you borrow depends on your need, the amount of any other aid you are receiving, and the availability of funds. Not everyone who applies for a Perkins Loan will receive one.
If you are an incoming freshman, you may be eligible to receive up to $1,000 a year.
- The fixed interest rate is five (5) percent.
- Interest does not accrue while you are an enrolled student.
- Repayment begins nine months after you graduate, leave school, or drop below half-time student status.
- The Perkins Loan for IUPUC students is administered by Indiana University’s student loan administration.
If awarded a Perkins Loan, you must sign a master promissory note (MPN) and complete entrance counseling to ensure you understand your student loan rights and responsibilities.
To be considered for this program, you must:
- Submit a completed FAFSA
- Demonstrate exceptional financial need
- Be enrolled as a part- or full-time student