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Federal Perkins Loan

Applying for the Federal Perkins Loan

The Federal Perkins Loan is administered by Iowa State University from a limited pool of federal funds. The Perkins Loan is awarded to undergraduate students who demonstrate high financial need and submit their FAFSA application before March 1.

  • The Federal Perkins Loan is a subsidized loan. The interest is paid by the federal government while the student remains enrolled at least half-time and during the 9 month grace period.
  • There is no origination fee.
  • Interest is fixed at 5.0% during repayment.
  • The repayment period is 10 years.

Qualified Borrowing Amounts

  • An eligible undergraduate student may borrow up to $5,500 per year. Award amounds are dependent on funding levels. Awards availiable at Iowa State University may be less.
  • A maximum of $11,000 may be borrowed by a student who has not completed two academic years of undergraduate course work
  • A maximum of $27,500 may be borrowed for all undergraduate study
  • A maximum of $60,000 may be borrowed for undergraduate and graduate study, combined

Repayment

  • Repayment begins 9 months after the student ceases to be enrolled at least half-time.
  • Fixed interest of 5.0% will accrue during repayment.
  • For questions regarding repayment of the Federal Perkins Loan, contact either Rosemary Fjelland at (515) 294-8747 or Nancy Bear at (515) 294-4786.