Loans

Federal Perkins Loans

The Perkins Loan is a subsidized, fixed-rate loan for IU students with demonstrated financial need. Interest in a Perkins Loan is fixed at 5 percent, and the federal government pays any interest that accrues while recipients are enrolled at least half time at Indiana University.

Eligibility Requirements

Undergraduate and graduate IU students may qualify for a Perkins Loan if:

  • You are a U.S. citizen or national, a U.S. permanent resident, or eligible noncitizen
  • You maintain at least half-time student status (six credit hours for undergraduates, four credit hours for graduate students)
  • You complete your Free Application for Federal Student Aid (FAFSA) by the priority deadline (March 10)

Priority is given to renewal applicants with exceptional financial need.

How Much You Can Borrow

Loans can be used to pay for tuition and fees, room and board, books, and other education-related expenses. You must reapply for Perkins Loans every year by filing a FAFSA.

Loan amounts will be determined by Indiana University, which is authorized to administer Perkins Loans funding at its discretion.

Repaying Federal Perkins Loans

Repayment of a Federal Perkins Loan begins nine months after you graduate or drop below half-time status.

As you near these deadlines, you will be required to complete Loan Exit Counseling. You’ll receive an email from IU Student Loan Administration with instructions on how to meet this requirement.

Learn more at the IU Student Loan Administration »

Apply for a Federal Perkins Loan

If you complete the FAFSA, you will automatically be considered for a Federal Perkins Loan in addition to other federal student aid programs. Learn how to apply for aid »