To be eligible for the Perkins Loan, you must be enrolled in an eligible program and demonstrate a high level of need based on the results of your FAFSA.
How to apply
To apply, you must file the FAFSA (Free Application for Federal Student Aid). If you are eligible for the Perkins Loan, it will be included in your aid package automatically.
Perkins eligibility for summer sessions requires the FAFSA and a summer aid application.
Other requirements to receive Perkins Loan
- You must accept your loan in StuInfo via the "Financial Aid (check your aid)" tool.
- The first time you borrow, you must also sign your Perkins Master Promissory Note in StuInfo.
Annual and lifetime Perkins Loan limits
The program limit for Perkins is $5,500/year for undergraduate students and $8,000 for graduate students, with cumulative limits of $27,500 for undergrads and $60,000 for undergrad and grad loans combined.
The interest rate is 5% with the interest paid by the federal government while the student is in school at least half-time and during a 9-month grace period after graduation or less than half-time enrollment.
There are no loan origination fees for the Perkins Loan.
- The standard repayment period is 10 years.
- Perkins Loan is subject to partial forgiveness/cancellation for some types of teaching/public service.
- For Perkins deferment and repayment questions, contact the Loans Receivable division of the MSU Controller's Office. You will be making your payments to MSU since the school acts as a lender for the federal government.
- When you near graduation (or drop below half-time) you will be given information on loan repayment. This is referred to as exit counseling or an exit interview.