Federal Perkins Loan
The federal government is planning to discontinue this loan program after the 2016-2017 academic year. Students receiving a Federal Perkins Loan in 2015-2016 or 2016-2017 will not receive it in subsequent years. Students will be provided with information about other loan options as they continue their studies.
- A low-interest (5%) federal loan administered by Carnegie Mellon, available to undergraduate students who have exceptional financial need and meet other eligibility requirements.
Repaid in installments over a 10-year period beginning nine months after the student graduates or leaves school for other reasons.
Accrues no interest during the time the student is enrolled at least half-time (18 units per semester).
Has an interest rate of 5% per year that is assessed beginning with the repayment period.
Requires entrance counseling for first-time borrowers.
Requires exit counseling if a student graduates, leaves, or drops below half-time at Carnegie Mellon.
How to Apply
Students receive consideration for a Federal Perkins Loan if they complete a FAFSA. There is no separate application for this loan. If a student is offered a Federal Perkins Loan, Student Financial Aid will notify the student to sign a Perkins Master Promissory Note. If a promissory note is not signed, the Perkins Loan will be canceled. Student Financial Aid will automatically credit the loan to the student's account (one-half in the fall, one-half in the spring).