Federal Perkins Loan

Low interest (5%) loan, funded by the federal government and previous borrowers' repayments.

Loan eligibility is based on financial need.

Repayment begins 9 months after the student borrower ceases to be enrolled at least half-time. Minimum payments are $40 per month.

Borrowers have up to 10 years to repay the loan, depending on amount borrowed.

First-time Perkins Loan borrowers receive information about debt management before receiving loan funds.

The ECU annual limit is $4000.

Aggregate loan limits are $20,000 for undergraduate studies and $40,000 for graduate and professional studies, including undergraduate borrowing.

Students who receive a Perkins loan on their award letter must report to the Student Loans Office, 126 Old Cafeteria Complex to sign a promissory note.

Eligibility is determined by completion of the FAFSA.