Federal Perkins Loan
A Perkins Loan is 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
Students completing a FAFSA receive consideration for a Federal Perkins Loan. If a student is awarded a Perkins Loan, The HUB will notify the student with instructions to sign a Perkins Master Promissory Note (MPN) and complete Entrance Counseling. If an MPN is not signed, the Perkins Loan will be canceled and the funds will not disburse to the student's account. Once disbursed, Student Financial Aid will credit the loan to the student's account (one-half in the fall, one-half in the spring).
Only first-time borrowers are required to complete entrance counseling. Perkins Loan borrowers who graduate, leave Carnegie Mellon, or drop below half-time at Carnegie Mellon are required to complete exit counseling.