What is a 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.