Perkins Loan
How to apply
- File the Free Application for Federal Student Aid (FAFSA). Perkins Loan
will be included in your aid package if you are eligible.
- Summer semester Perkins requires the FAFSA AND an MSU summer aid
application.
Other requirements to receive Perkins Loan
- You must accept your loan in StuInfo/eFinaid.
- The first time you borrow, you must complete a Perkins Master Promissory
Note in StuInfo/eFinaid.
Eligibility
- Students enrolled in eligible programs who have high need based on the
Free Application for Federal Student Aid (FAFSA) may be awarded Perkins
Loan.
Annual and lifetime Perkins Loan limits
- The program limit for Perkins is $4000/year for undergraduate students and
$6000 for grad students, with cumulative limits of $20,000 for undergrads
and $40,000 for undergrad and grad loans combined.
Interest rate
- 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.
Repayment
- 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
government.
- 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
exit interview.
Helpful links
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