Federal Perkins Loans


How do I apply for a Perkins or Stafford Loan?

As with all federal student financial aid, you apply for a Perkins or Stafford Loan by completing the FAFSA at www.fafsa.ed.gov.


A separate loan application is not required. However, you will need to sign a promissory note,* which is a binding legal contract that says you agree to repay your loan according to the terms of the promissory note.* Read this note carefully before signing it and save a copy for your records.


How much can I borrow?

Undergraduates: Up to $4,000 a year (maximum of $20,000 as an undergraduate)

Graduates: Up to $6,000 a year (maximum of $40,000, including undergraduate loans)

Amount actually received depends on financial need, amount of other aid, availability of funds at school


Keep in mind, the amount you can borrow might be less than the maximum available.


Each school participating in the Federal Perkins Loan program receives a certain amount of Perkins funds each year from the U.S. Department of Education.


When all available funds for that award year have been distributed, no more awards can be made for that year.


Submit your FAFSA early so you can be considered for these funds.


To learn more and apply, complete your FAFSA form at www.fafsa.ed.gov