Office of
Financial Aid

What are Perkins Loans?

A Federal Perkins Loan is a low-interest loan (5 percent) for both undergraduate and graduate students with financial need. The loan is made with government funds with a share contributed by PLU. You must repay this loan to PLU.

Who is eligible?

The Perkins Loan is awarded based upon financial need. The financial need of a student is determined by the FAFSA application.

How do you apply?

To apply for a Perkins Loan you must first submit a FAFSA form (remember to include PLU's school code 003785). Upon receiving your FAFSA information from the federal government, PLU will compile an award letter. If you are awarded a Perkins Loan then additional paper work will be sent to you. Borrowers of the Federal Perkins Loan must complete an Entrance Interview, which can be completed on-line at http://ipromise.campuspartners.com.

How much can I borrow?

The federal maximum annual loan amounts are listed below.  Your actual loan amount will depend on when you apply, your level of need and the funding levels available at PLU for the academic year.

  • $4,000 - for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000)
  • $6,500 - for each year of graduate or professional study (the total amount you can borrow as a graduate/professional student is $40,000, including any federal Perkins Loans you borrowed as an undergraduate).