What is a Perkins loan?

A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. Students need to apply for need-based federal student aid by completing the Free Application for Federal Student Aid (FAFSA) (http://www.fafsa.ed.gov) annually. The FAFSA will determine a student's "Expected Family Contribution (EFC)" toward his or her college education for that year and their eligibility for a Perkins Loan. Federal Perkins Loans are made through a school's financial aid office. The loan is made with government funds that you must repay to your school.