Federal Perkins Loan
The student loan program with the best available terms is the federal Perkins loan. If your aid application shows that you have sufficient computed financial need, we may offer you a Perkins loan as part of your financial aid package. The pool of available Perkins loan funds is limited, so not all aid applicants can be offered Perkins loans.
Please note: New Perkins loans are no longer available to graduate students. Undergraduate students with Perkins loan eligibility for the 2017-2018 academic year must complete their promissory notes by September 15, 2017 to ensure access to the loan, since no new loans can be made after September 30, 2017.
Here are some of the attributes of federal Perkins loans at Stanford:
- $5,500 maximum per academic year for undergraduate students.
- 5.0% fixed interest rate during repayment. No interest is charged while you are enrolled in college at least half-time or during the nine-month grace period after you leave school.
- No credit check required. If you are not in default on a prior educational loan, do not owe a repayment of federal grant funds, and meet federal aid eligibility requirements, you will be approved to borrow the Perkins loan.
- No payments required while in school. Repayment begins nine months after you graduate or drop below half-time enrollment and lasts up to ten years, with a minimum monthly payment of $50. You can apply for deferment of your repayment while enrolled in a graduate or professional program or if you become unemployed.