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 of Iowa Student Loan Accounting Office web site.
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.