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
- 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.