Perkins Loan
The Federal Perkins Loan program expired on September 30, 2017. The information below is provided for students who borrowed Perkins Loans prior to the program's expiration.
Interest rate
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.
Repayment
- 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.
