Federal Perkins Loan
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.
New for 2015-2016
Carnegie Mellon will offer this loan to eligible first-year students for the 2015-2016 academic year; however, the federal government is planning to discontinue this loan program after the 2015-2016 academic year. Therefore, first-year students who receive a Perkins Loan in 2015-2016, will not receive it in subsequent years. Students will be provided with information about other loan options as they continue their studies.
Students who previously received a Perkins Loan (disbursed on or before June 30, 2015) from Carnegie Mellon and who are enrolled in the same academic major in the same academic program at Carnegie Mellon that they were enrolled in during the 2014-2015 academic year are eligible to receive consideration for a Perkins Loan for 2015-2016.
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).