The Federal Perkins Loan is a low-interest loan program for undergraduate and graduate students with exceptional financial need. The program is funded by the federal government and administered by participating colleges and universities. Perkins Loans have a fixed interest rate of 5% and are typically repaid over a period of 10 years.
Perkins Loans are an important source of financial aid for many students. The program provides low-interest loans to students who may not be eligible for other types of financial aid, such as scholarships or grants. Perkins Loans can help students pay for tuition, fees, books, and other educational expenses.