Perkins Loan

About the Loan

Interest Rate—no interest while enrolled at least half-time, 5% interest rate when in repayment.

No upfront fees.

Nine-month grace period before starting repayment.

There are options for students to get some or all of their Perkins loans canceled based on their occupation after graduation. For a list of eligible occupations, please see the UAS website.


The Federal Perkins Loan Program has expired until further notice. Without additional legislative action, loans for new borrowers must be made on or before September 30th, 2017.  As of January 31, 2016, our understanding is that renewal loans for pre-September 30, 2017 new borrowers can be made through September 30, 2020. There is not currently a planned equivalent to the Federal Perkins Loan Program that will provide student borrowers with dollars to replace what they may have received.

Federal Perkins Loans are awarded to students after their full annual eligibility for the Subsidized and Unsubsidized Federal Direct Loan is considered, and there is still financial need. Perkins Loan repayment and forgiveness options differ from those available for Direct Loans, such as extended repayment, income-based repayment or graduated repayment. Perkins and Direct Loans may, however, become part of a Federal Direct Consolidation Loan. Consolidating loans may result in a lower monthly payment and/or an extended amount of time to repay the underlying loans although a higher total amount of interest expense may be incurred due to the extended time to repay. Perkins Loan interest is fixed at 5%. This compares to the variable rate applied to Federal Direct Loans which was 4.29% for undergraduate borrowers for the 2015-16 award year. For more information on Federal Loans, visit