|
|
Perkins Loan
(Federally Funded)
- Based on financial need
- Apply by completing the FAFSA
- Award maximum $3000/yr.
- Repayment and interest deferred until nine (9) months after graduation or when enrollment status drops below half-time
- Interest rate is 5% for the length of repayment
- Given up to ten (10) years to repay loan
- The chart below gives an estimate of typical monthly payments and total interest charges for two different 5 percent loans over a 10-year period.
The chart below shows estimated monthly payments and total interest charges for 8.25% loans of varying amounts, with typical repayment periods.
Total Loan
Amount |
Number of
Payments |
Monthly
Payment |
Total
Interest
Charges |
Total
Repaid |
|
$3,000
|
119
|
$31.84
|
$817.86
|
$3,817.86
|
|
1 Final Payment
|
$28.90
|
|
$5,000
|
119
|
$53.06
|
$1,363.40
|
$6,363.40
|
|
1 Final Payment
|
$49.26
|
|
