Federal Perkins Loan

This low-interest loan is funded by the federal government and administered directly by the University. The amount of the loan is based on need and the availability of funds. Students must begin to repay this loan nine months after they leave college or drop below half-time status. The repayment of principal and interest may be extended over a 10-yearperiod. The amount of each payment depends upon the amount of the student's debt and the length of the student's repayment period, but the student must pay a minimum of $40 per month.