Perkins Loan - General Information
The Federal Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. It is a campus-based loan program, with the school acting as the lender. The Federal Perkins Loan was formerly known as the Perkins Loan or the NDSL program.
The Federal Perkins Loan is one of the best student loans available. There are no origination or guarantee fees and the interest rate is only 5%. The Federal Perkins Loan has a 10-year repayment period. One of the best provisions of the Federal Perkins Loan is that it offers better cancellation options than the Stafford, Federal Direct or PLUS loans. To find out more about the cancellation provisions, please click here.
Generally, payments for the Federal Perkins Loan are due on a quarterly basis (4-times a year) instead of each month. The grace period for a Federal Perkins Loan is 9-months, vs. the more common 6-month grace period granted by most other loan programs.
As with the Stafford or Federal Direct Loan programs, there are also options available if you encounter temporary difficulties making payments. To find out more about these provisions, please click on either the forbearance option or the deferment option.
Any questions you have with regard to repayment of your Federal Perkins Loan with the University of Massachusetts Amherst or Boston campuses should be forwarded to the address listed below.