Perkins Information
Federal Perkins Loan
Funds for the Federal Perkins Loan are provided by a federal allocation, a University matching contribution, and repayments from previous borrowers.
Federal regulations require that the Perkins Loan be awarded to students with exceptional financial need and that the maximum annual graduate loan not exceed $6,000. The maximum amount offered will also be limited by the availability of funds in the Boston University Perkins Loan program.
All applicants must submit the Free Application for Federal Student Aid ( FAFSA) for determination of Federal Perkins Loan eligibility.
The interest rate is 5% and the maximum annual loan limit is $6,000. This is a subsidized loan and no interest is charged while students are enrolled and repayment of principal begins 9 months after student is no longer enrolled at least half-time ( 6 credit hours).
Specific details about repayment are outlined in the promissory note, which is sent to students who are awarded and accept the Perkins Loan.
A completed and signed promissory note must be returned before a Perkins Loan can be credited to student’s account. Loans will be canceled if promissory notes are not returned promptly.
The maximum cumulative Perkins Loan amount cannot exceed $40,000, this includes undergraduate studies.
