Federal Perkins Loan
- is offered to students who demonstrate the highest financial need
- has a fixed 5% interest rate
- has no origination fee
- differs from the Direct Loan program in that its funding is based on the annual allocation the University of Rochester receives from the federal government
Because funding levels vary from year to year...
- we are not able to award this loan to all students
- the amount offered to students can vary each year, depending on class level and the extent of financial need
- students are strongly encouraged to apply for aid on time, as funding for late filers is less likely to occur
Repayment begins 9 months after the student completes or withdraws from an educational program. The loan has a 10-year repayment term, and the minimum monthly payments are $40 per month.
If you wish to decline or reduce your Federal Perkins Loan, you must do so in writing. Please note that University policy requires you to decline your Federal Perkins Loan (if awarded) before declining your Federal Direct Subsidized Loan.