Federal Perkins Loan

(Formerly called National Direct Student Loan)

Students will automatically be considered for the Federal Perkins Loan if they complete the Free Application for Federal Student Aid (FAFSA) and other required documents and demonstrate exceptional financial need. Funds are limited and are awarded on a first-come, first-served basis.

Beginning with the 2009-2010 academic year, only first and second year undergraduate students who meet the eligibility requirements will be awarded the Federal Perkins Loan.

After a student is awarded a Federal Perkins Loan, they must complete an electronic Master Promissory Note (MPN) to receive the funds.

Repayment information is available on the University Billing Office Student Loan Information web page.

 

Lender

The University of Iowa

Interest Rate

5%

Interest Free in School

Yes

Loan Fees

None

Annual Maximums

$2,000 Freshmen

$1,000 Sophomore

Cumulative Maximums

$20,000 undergraduate

Grace Period

9 Months

Standard Repayment Period

Up to 10 years

Minimum Payment

$40 per month

Additional information on the Federal Perkins Loan is available on the U.S. Department of Education web site.