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?

Depending on when you apply, your level of need and your school's funding level, you can borrow up to:

• $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).