Federal Perkins Loan
Applying for the Federal Perkins Loan
- Step 1 of 3: Complete the FAFSA before March 1
- Step 2 of 3: Complete a Master Promissory Note (MPN) via AccessPlus (Click on Perkins MPN)
- Step 3 of 3: Accept the loans you wish to borrow via AccessPlus
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 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.