Federal Perkins Loan Program
The Federal Perkins program offers need-based loan available to full-time undergraduate, graduate and professional 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 FAFSA. In order to be eligible for a Perkins Loan, you must meet the following criteria:
- U.S. Citizen or permanent resident
- Demonstrate significant financial need as determined by your FAFSA
- Full-time enrollment
- Maintain Satisfactory Academic Progress
The annual limit for a Perkins Loan is $4,000.00; however, due to limited funding awarded amounts are typically less. Due to the limited amount of Perkins funding available, for the 2015-2016 academic year Drexel will be awarding Perkins loans to the students with the most significant financial need.
For the 2015-2016 academic year, the government has set the interest rate for the Perkins Loan at 5%. Interest does not accrue on this loan until you begin repayment, or during authorized periods of deferment. The Perkins loan comes with a 9 month grace period in which you are not required to make payments after your enrollment ends.