Federal Perkins Loan Program
The Federal Perkins Loan program will expire on September 30, 2015. Unless action is taken by Congress to extend or renew the program, Drexel will be unable to offer Perkins Loans to students beyond the 2015–2016 academic year. For more information, please see the "Important Information Regarding the Federal Perkins Loan Program" announcement.
The Federal Perkins program offers need-based loans available to full-time undergraduate, graduate and professional students. The amount of Perkins Loan funding available for an academic year is partially determined by repayment of previous Perkins Loans from borrowers.
Determination of eligibility for a Perkins loan is made once Drexel receives your FAFSA. In order to be eligible for a Perkins Loan, you must meet the following criteria:
- Be a U.S. Citizen or permanent resident
- Demonstrate significant financial need as determined by your FAFSA
- Enrolled at least half-time (6 credits a term for undergraduate students, 4.5 credits a term for graduate students)
- Maintain Satisfactory Academic Progress
The annual limit for a Perkins Loan is $4,000.00; due to limited funding, awarded amounts are typically less. As a result, for the 2015 - 2016 academic year, Drexel will be awarding Perkins Loans to the students with the most significant financial need.
For the 2015 - 2016 academic year, the government has set the interest rate for the Perkins Loan at 5%. Interest does not accrue on this loan until you begin repayment or during authorized periods of deferment. After your enrollment ends, the Perkins Loan comes with a 9-month grace period during which you are not required to make payments.