Loyola University Maryland

Office of Financial Aid

Federal Perkins Loan Program

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This program allows students who demonstrate institutional financial need and who are enrolled for at least 12 credits per term to borrow up to $1,000 each year of undergraduate study. The interest rate is fixed at 5.0%. Interest does not accrue to the borrower, nor does repayment begin on Perkins Loans until nine months after termination of college enrollment on at least a half-time basis. Interest accrued during in-school and the grace period is paid by the federal government. The repayment period is up to 10 years, depending on the total amount borrowed. Perkins Loans do not carry an origination fee. First-time borrowers must complete a Perkins Loan master promissory note to borrow funds through this program.

Federal Perkins Loan Master Promissory Note