Perkins Loan Office

Aggregate Loan Limits – The 1998 Higher Education Amendments changed the aggregate loan limits to: $20,000 for a student who has successfully completed two years of a bachelor’s program, but has not completed the degree; $40,000 for a graduate or professional student; and $8,000 for all other students.

Credit Bureau Reporting – All Federal Perkins Loans are reported to credit bureau organizations at the time of first disbursement.

Grace Period – The grace period for Federal Perkins Loans is typically nine months. The grace period is the length of time between graduation and/or termination of at least half-time enrollment, and the commencement of repayment. Interest does not accrue and payments are not required.

Repayment – Begins six or nine months from the time the borrower ceases to be enrolled at least half time. The borrower will have a maximum repayment period of ten years to repay the loan in full.

Minimum Monthly Payment Amount – The minimum monthly payment is $40.00 if borrower received a Perkins Loan for the first time on or after October 1, 1992. If a borrower received a Perkins Loan prior to October 1, 1992, the minimum monthly payment is $30.00. The minimum monthly payment may increase depending upon the total amount borrowed from the Perkins Loan Program.

Prepayment – There is no penalty for prepayment of the loan.

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Perkins Loan Office