Federal Perkins Loans

A Federal Perkins Loan is a low-interest (5%) loan for students with exceptional financial need. A Perkins Loan borrower is not charged any processing fees. The College is the lender and the loan is made with government funds with a share contributed by the college. You must repay the College beginning nine months after you graduate or leave college. The College is awarded a Perkins Loan allocation each year from federal funds, and eligibility is determined by the Financial Aid Office. Once a Perkins Loan is approved, the student signs a promissory note with the College. Since funds are limited, priority consideration is given to those applicants whose FAFSA information is available in the Financial Aid Office by the May 1 deadline.

Perkins Loans at Paul Smith's College range from $500 to $2000 per year.