- Students enrolled in eligible programs who have a high level of need based on the
How to apply
- File the FAFSA (Free Application for Federal Student Aid). If you are eligible for the Perkins Loan, it will be included in your aid package automatically .
- Perkins eligibility for summer semesters requires the FAFSA and an MSU summer aid application.
Other requirements to receive Perkins Loan
Annual and lifetime Perkins Loan limits
- The program limit for Perkins is $5,500/year for undergraduate students and
$8,000 for graduate students, with cumulative limits of $27,500 for undergrads
and $60,000 for undergrad and grad loans combined.
- The interest rate is 5% with the interest paid by the federal government
while the student is in school at least half-time and during a 9-month grace
period after graduation or less than half-time enrollment.
- There are no loan origination fees.
- The standard repayment period is 10 years.
- Perkins Loan is subject to partial forgiveness/cancellation for some types
of teaching/public service.
- For Perkins deferment and repayment questions contact the Loans Receivable division of the MSU Controller's Office. You will be making
your payments to MSU, since the school acts as lender for the federal
- When you near graduation (or drop below half-time) you will be given
information on loan repayment. This is referred to as exit counseling or an