Federal Perkins Loan

• Step 1 of 2: Complete the FAFSA
• Step 2 of 2: Complete the Master Promissory Note (Click on Perkins E-Note)

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 on the basis of exceptional financial need.

Some features of the Perkins Loan are:

• It is a subsidized loan, meaning the interest is paid by the federal government during the in-school and 9-month grace periods
• There is no origination fee, and the interest rate is fixed at 5.0%
• There is a 10-year repayment period

Qualified Borrowing Amounts

• An eligible undergraduate may borrow up to $5,500 per year
• A maximum of $11,000 may be borrowed by a student who has not completed two academic years of undergraduate work
• A maximum of $27,500 may be borrowed for total undergraduate study
• A maximum of $60,000 may be borrowed for undergraduate and graduate study, combined

Requirements

• Student must file the FAFSA by March 1
• Student must sign a promissory note

Repayment

• Repayment of the principle of the loan begins 9 months after the student's status is less than half-time
• Interest of 5% is applied when repayment begins

For more information, visit the Department of Education.

For questions regarding the Federal Perkins Loan, contact either Rosemary Fjelland at (515) 294-8747 or Nancy Bear at (515) 294-4786. For questions regarding the exit interview process, contact Rosemary Fjelland at (515) 294-8747.