Perkins Loan Program

The Perkins Loan Program was a federal student loan initiative that provided low-interest loans to college students with exceptional financial need. It aimed to help those who might struggle to afford higher education costs. Borrowers typically repaid these loans after graduation, often with a grace period, and the interest rates were relatively low compared to other loans. The program emphasized support for students attending schools that participated in it. However, it was discontinued in 2017, and no new Perkins loans have been issued since then, although some borrowers may still be repaying loans made under the program.