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Federal Perkins Loans

Federal Perkins loans are low-interest subsidized loans. Subsidized means the government pays the interest on the loan as long as the student is enrolled at least half-time. Since funding is limited, Perkins loans are usually awarded on a first-come, first-served basis to eligible students with high financial need who file a FAFSA by March 1.

Borrower:   Student

How to Apply:  Complete the The Free Application for Federal Student Aid (FAFSA) by March 1

Enrollment Requirements:   Students must be enrolled at least half-time in federal aid-eligible courses.

Additional Requirements:  

Funds cannot be disbursed to the student's account until all requirements are complete.  If a student is offered a Federal Perkins Loan as part of their financial aid offer, they must:

  1. Accept the loan.
  2. Students will receive a notification to their student MIX email within one week of accepting the Perkins Loan from Heartland/ECSI with instructions on how to complete a promissory note at   Please note the Federal Loan Agreement (Master Promissory Note) for Subsidized and Unsubsidized Loans is different than the promissory note required for the Perkins Loan.

Quick Facts:

  • Perkins has a fixed interest rate of 5%.
  • There is a nine-month grace period after a student drops below half-time enrollment or graduates before the loan enters repayment.
  • Cancellation provisions are available in some situations which may, under certain circumstances, release the borrower from repaying the loan in full.  The rate of cancellation is typically 15% for the first and second years, 20% for the third and fourth years, and 30% for the fifth year.  However, rates can vary.  Cancellation forms are available at
  • Additional information on Perkins can be found at (for WVU-specific information) or
  • A borrower has 120 days to return any portion of a federal loan to the institution without being assessed any interest or fees on the amount returned.