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What is a Perkins Loan?

Perkins Loan

Perkins loans are fixed-rate loans at 5%, and are offered automatically in your award package if you are eligible.  To be eligible, you must have high need (low EFC), be a second-year student in your program of study, and be an early applicant (submit your FAFSA before February 15, and complete any necessary additional documentation with Lane by mid-April). 

You must be at least a half-time student to receive a Perkins loan each term.  There are no payments required while you are attending at least half-time, and interest does not accrue during this period either.  After you drop below half-time, there is a 9 month grace period before you must begin payments and interest.

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