Federal Perkins Loan

The Federal Perkins Loan Program is a federal, campus-based program. MSU administers the program and determines who is eligible to receive this assistance. These funds must be repaid.

Federal Perkins Loans are awarded to undergraduate students who demonstrate financial need. Due to limited funding minimum/maximum can vary each year. First consideration will be given to full-time students. The current interest rate is 5%, but is not charged until nine months after you graduate or leave school.

You must begin repaying your loan nine months after you leave school or drop below half-time status.

The Federal Perkins Loan Program is scheduled to be discontinued by the Department of Education on September 30, 2017.  You may receive the Perkins Loan funding if awarded for the 2017-2018 year if you meet the federal requirements for eligibility and disbursement before September 30, 2017.