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.
What is the Perkins loan? 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.