Indiana College Costs Estimator

Perkins Student Loan

  • Low interest rate loans available through colleges and universities for students with exceptional financial need, as determined by completion of the FAFSA. Loan availability is dependent upon colleges’ Perkins resources, the timing of students’ FAFSA filings (the earlier the better) and students’ levels of financial need.
  • Students have nine months after graduating, leaving school or dropping below half-time status before beginning repayment. (This is called the grace period.)
  • Perkins Loans are considered subsidized federal loans. The student will not have to pay any principal while in school and the government pays the interest during this time. The same rules also apply during the grace period and during an authorized period of deferment.
  • Interest rate: Fixed at 5.0%.
  • Current loan limits: $5,500 per year of undergraduate study; maximum amount for undergraduate students (total) = $27,500.