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Federal Perkins Loan Program

Note: Schools may award Perkins loans to students through September 2017, after which time, the program will no longer be available.

The Federal Perkins program offers need-based loans to full-time undergraduate students. The amount of Perkins loan funding available for an academic year is partially determined by repayment of previous Perkins loans from borrowers.

Determination of eligibility for a Perkins loan is made once Drexel receives your Free Application for Federal Student Aid (FAFSA). In order to be eligible for a Perkins loan, you must meet the following criteria:

  • Be a U.S. citizen or permanent resident.
  • Demonstrate significant financial need as determined by your FAFSA.
  • Be enrolled at least half-time (6 credits a term for undergraduate students).
  • Maintain Satisfactory Academic Progress.
  • Additional restrictions will apply, as this program is being phased out by the U.S. Department of Education.

The annual limit for a Perkins loan is determined by the school based on current funding availability.

The interest rate for the Perkins loan is 5%. Interest does not accrue on this loan until you begin repayment or during authorized periods of deferment. After your enrollment ends, the Perkins loan has a 9-month grace period during which you are not required to make payments.

Perkins loans will be serviced by ECSI, Inc.