Interest Rate

The federal government pays the interest on the Perkins loan until repayment begins nine months after a student graduates or drops to less than half-time. The current interest rate on the Perkins Loan is 5% fixed.

Loan Fees

None.

Federal Perkins Loan

Federal Perkins Loans are awarded to students with exceptional financial need. Crown College has a limited amount of funds to award, and students receiving this loan must borrow their full Stafford Loan eligibility first.

All students who apply for federal financial aid are considered for Perkins Loan funding and if awarded a Perkins Loan it will be listed on the Financial Aid Award letter. Crown College is the lender for the loan, which is funded by the federal government.

Features

  • Loan entrance and exit counseling is required.
  • Interest charges begin when student enters repayment, nine months after graduating or dropping below half-time status (six credits).
  • The minimum monthly payment is $40/month; but it may be more if the amount borrowed is sufficient to require larger payments. The maximum length of time for repayment is 10 years.