Office of Financial Aid Office of Financial Aid

What is the Federal Perkins Loan program?

A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through Office of financial aid.

How to apply

File the Free Application for Federal Student Aid (FAFSA). Perkins Loan will be included in your aid package if you are eligible.

How to receive a Perkins Loan

You must accept your loan on my.emich.

The first time you borrow, you must complete a Perkins Master Promissory Note. EMU institutional policy requires that you must be enrolled at least half-time.


Students enrolled in eligible programs who have high need based on the Free Application for Federal Student Aid (FAFSA) may be awarded Perkins Loan.

Loan limit

The program limit for Perkins is $5500/year for undergraduate students and $8000 for grad students, with cumulative limits of $27,500 for undergrads and $60,000 for undergrad and grad loans combined.

Interest rate

The interest rate is 5% with the interest paid by the federal government while the student is in school at least half-time and during a 9-month grace period after graduation or less than half-time enrollment.

There are no loan origination fees.


The standard repayment period is 10 years.

Perkins Loan is subject to partial forgiveness/cancellation for some types of teaching/public service.

For Perkins deferment and repayment questions contact the Student Business Services Office. You will be making your payments to EMU, since the school acts as lender for the federal government.

When you near graduation (or drop below half-time) you will be given information on loan repayment. This is referred to as exit counseling or an exit interview.