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A federal Perkins Loan
is a low interest, federal loan made available through Smith College to
help you meet the costs of post-secondary education. Smith has limited
Perkins funding and funds are awarded at the discretion of the staff of
the Office of Student Financial Services.
Eligibility:
Eligibility depends on many factors but is determined by your calculated
financial need. The College requires you to file a FAFSA and have
your need assessed. Additional forms required include tax returns
and a verification form.
Loan Limits:
The Office of Student Financial Services determines the amount not exceed
the federal limits of:
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Undergraduate |
Graduate |
Maximum Annual Amount |
$5,500 |
$8,000 |
Maximum Cumulative
Amount
*includes
undergraduate borrowing |
$11,000 (1st and 2nd year students)
$27,000 (3rd year and beyond students) |
$60,000* |
Fees: None
Interest Rate: Five
percent (5%), beginning nine months after graduation, withdrawal from the
college, or a drop below half-time enrollment.
Disbursement:
A Federal Perkins Loan is disbursed in two equal payments to the school
after a promissory note is signed and an entrance interview has been completed.
Repayment: Repayment
begins nine months after you graduate, withdraw or drop below half-time
enrollment. The monthly payment amount depends on the amount borrowed, but it may not be less than $40 per month. The repayment
period is 10 years.
Do your Perkins Loan Entrance Interview online.
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