Federal Perkins Loan Program

The Federal Perkins Loan Program was a federal student loan initiative that provided low-interest loans to eligible undergraduate and graduate students with financial need. Funded jointly by the federal government and participating colleges, it aimed to help students cover educational expenses. Repayment began after graduation or enrollment less than half-time, with options for forgiveness for certain service jobs. The program was phased out starting in 2017, with new loans no longer being awarded, but existing Perkins Loans can still be repaid under the original terms. It was designed to make college more accessible for students facing financial challenges.