The Federal Perkins Loan is a federal, fixed, low-interest loan program administered by Cleveland State. Awards are based on financial need. Information obtained from your FAFSA determines your eligibility for the Federal Perkins Loan.
The Perkins Promissory Note is a contract with your lender and is mandatory when borrowing from a Federal Perkins Loan.
Repayment begins nine months after a student ceases to be enrolled at least half time (six credit hours). The minimum payment is $120 quarterly for a maximum of 10 years. The Perkins Loan is subsidized, which means all interest that accrues on a Perkins Loan while the borrower is in deferment is paid by the government.