Types of Aid

Federal Perkins Loan

In order to apply for a Federal Perkins loan you must have completed the Free Application for Federal Student Aid (FAFSA) for each aid year and submit the request form to our office.

After accepting your Federal Perkins Loan, you will be contacted by IU Student Loan Administration at your IU email account and via a To Do item in OneStart to complete entrance counseling and to sign your master promissory note.

Interest rates

The Federal Perkins Loan interest rate is 5% and is subsidized with the U.S. Department of Education paying the interest while the student is enrolled at least half-time.

Eligibility

Since funding is limited for this campus based program, awards are made based on eligibility and early receipt of the student’s FAFSA and completion of any subsequent steps to allow processing of awards for the aid year.

Award Amount Range

For the 2014/15 aid year, the Federal Perkins Loan amounts range from $100 to $3,000.

Loan Repayment

Loan repayment begins after graduation or if your Fall or Spring enrollment drops below half-time.

IU Student Loan Administration contacts Federal Perkins Loan recipients to complete online exit counseling. Detailed information regarding repayment is provided during both entrance and exit counseling. For more information, visit IU Student Loan Administration.

Federal Perkins Loans are awarded by the IU East Office of  Financial Aid and the IU Student Loan Administration in Bloomington administers the promissory note and repayment processes.