The Federal Perkins Loan Program is one of the largest sources of educational assistance for Holy Cross students. For that reason, the College has designated the Bursar's Office to help graduating seniors and alumni understand and manage repayment of Perkins Loans. Please feel free to contact us with any questions. We're here to help make your loan experience as clear and problem-free as possible.
Federal Perkins Loan Disclosure H.R. 3594
THE FEDERAL PERKINS LOAN PROGRAM ENDED SEPTEMBER 30, 2017
No additional Perkins loans will be available after that time.
Federal Loan Interest Rates
Loans First disbursed on or after 7/1/201 and before 7/1/2018
Federal Loan Program
Current Interest Rate
Direct Stafford Loan
Direct Unsubsidized Stafford Loan
Direct PLUS Loan
Perkins Loans have a fixed interest rate of 5% regardless of the first disbursement date.
Direct Loans interest rates are determined each Spring for new loans being made for the upcoming award (July 1 to the following year June 30).
View the latest interest rate information at https://studentaid.ed.gov/sa/types/loans/interest-rates.
Repayment and Forgiveness Benefits for Direct Loans are not available for Perkins Loans.
The repayment period for a Perkins loan is 10 years. Direct Loans provide several repayment options including payment plans that base your payment on your income. These repayment options are not available under the Perkins Loan Program. However, the Perkins Loan Program does have its own cancellation provisions.
General repayment and forgiveness information is available at https://studentaid.ed.gov/sa/types/loans/perkins.
Consolidation option for Perkins Loan
You may consolidate your Perkins loan with your other Federal student loans. The benefit to this is a single monthly payment instead of multiple payments to multiple servicers.
By consolidating, you may also have access to additional repayment plans. The income-driven repayment plans, which are not available under the Perkins Loan Program, may make your student loan debt more manageable by possible reducing your monthly payment amount. However, by extending the repayment period, you will likely be paying more interest over time.
For additional information on a Direct Loan Consolidation, visit https://studentaid.ed.gov/sa/repay-loans/consolidation.
- Perkins Loans: Frequently Asked Questions
- Rights and Responsibilities
- Deferments and Forbearance
- Loan Exit Interviews