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 April 15 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 one.iu.edu. After accepting your Federal Perkins Loan, you will be contacted by IU Student Loan Administration at your IU email account. 

Details

• 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.
• Eligibility:
  • 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.