Perkins Loans are initiated through the Office of Financial Aid & Scholarships. These loans have a 5% interest rate and are granted in increments of up to $2,750 per semester for undergraduate students and up to $4,000 per semester for graduate, law, and veterinary medicine students. Principal nor interest accrues while a borrower is enrolled at least half-time. Borrowers receive an initial nine month grace period before entering repayment. Principal nor interest accrues during the grace period.
The Perkins Loan program is governed by Federal Regulations and guidelines and allows for loan cancellation for work performed in specific career fields. Over a five year period, if approval criteria are met, a borrower who is employed in fields such as, but not limited to, law enforcement, nursing, or teaching in a low income school can have up to 100% of his/her loan canceled.