Federal Perkins Loan Program
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.
Note: Schools may award Perkins Loans to students through September 2017, after which time, the program will no longer be available.
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.
- Additional restrictions, as this program is being phased out by the U.S. Department of Education.
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 2016–2017 academic year, Drexel will award Perkins Loans to the students with the most significant financial need.
For the 2016–2017 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.