Annual Loan Limits
The actual loan amount is based on individual eligibility. Your total financial aid package, which may consist of grants, scholarships, and loans, may not exceed the total cost of your education. The maximum Perkins award is $4,000 per academic year.
Currently, the Federal Perkins Loan Program has a fixed interest rate of five percent.
Since the Federal Perkins Loan Program is administered through Immaculata University, there are no fees associated with the origination or disbursement.
Principal and interest for the Federal Perkins Loan Program are deferred while the student is enrolled at least half-time. A nine-month grace period is allowed following enrollment before repayment begins.
Master Promissory Note (MPN)
If you have been awarded a Federal Perkins Loan as part of your financial aid package, you will need to complete a Master Promissory Note (MPN). You will be contacted via U.S. mail with instructions on how to complete this requirement. This will need to be completed each year you receive the award.