Federal Perkins Loan

Federal Perkins Loans are subsidized loans that are made possible through a contribution from Drexel University and repayments from previous borrowers.

Eligibility

• All students are automatically considered, but this loan is typically given to full-time students with the most financial need.

Annual Loan Limit

• Up to $4,000

Cumulative Loan Limits

• Maximum of $20,000 as an undergraduate
• Maximum of $40,000 as a graduate student, which includes previous undergraduate and graduate borrowing from National Direct Federal Loans and Federal Perkins Loans

Interest Rate

• The annual interest rate is currently 5 percent
• Interest does not accrue while you remain enrolled

Additional Fees

• No additional fees

Disbursements

• At the beginning of each term of enrollment, including co-op

Repayment

• The student is responsible for repayment
• The length of repayment is up to 10 years, depending on the amount owed

How to Apply

You are automatically considered if you file the FAFSA. Funding is limited and typically offered to our neediest students. If you are offered a Perkins Loan for 2009–10, an email will be sent to your Drexel email account from our service with instructions on how to sign a promissory note.