Federal Perkins Loans
You apply for a Federal Perkins Loan by filing the Free Application for Federal Student Aid(FAFSA) for each aid year. The IU Kokomo school code is 001814. To maximize your consideration for all types of financial aid, you need to file the FAFSA each year by the March 10 Priority Application Receipt deadline.
After receipt of your Financial Aid Notification, a Federal Perkins Loan recipient must accept (with an option to decline) the award in OneStart Self-Service. After accepting your Federal Perkins Loan, you will be contacted by IU Student Loan Administration at your IU email account and via a To Do item in OneStart to complete entrance counseling and to sign your master promissory note.
- Interest rates:
- The Federal Perkins Loan interest rate is 5% and is subsidized with the U.S. Department of Education paying the interest while the student is enrolled at least half-time.
- A student must be an undergraduate student with an expected family contribution of 4541 or less and be enrolled at least half-time.
- Since funding is limited for this campus based program, awards are made based on eligibility and early receipt of the student's FAFSA and completion of any subsequent steps to allow processing of awards for the aid year.
- Award Amount Range:
- Federal Perkins Loan amounts range from $100 to $1,000.
- Loan Repayment:
- Loan repayment begins after graduation or if your Fall or Spring enrollment drops below half-time.
- IU Student Loan Administration contacts Federal Perkins Loan recipients to complete online exit counseling. Detailed information regarding repayment is provided during both entrance and exit counseling. For more information, visit IU Student Loan Administration.
- Problems repaying your Perkins Loan visit: Repayment Guide for Your IU Student Loans for deferment and forebearance information
Federal Perkins Loans are awarded by the IU Kokomo Office of Scholarships and Financial Aid and the IU Student Loan Administration in Bloomington administers the promissory note and repayment processes.