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.