Carroll University
Admissions > Undergraduate Financial Aid > Types of Aid > Loan Programs > Federal Perkins Loans

Federal Perkins Loan

The Federal Perkins Loan program was eliminated on October 1, 2015. Students who were received a Federal Perkins Loan for the first time in the 2015-2016 academic year will be unable to receive this loan in future years.

Grandfather provision applies only to students who received a Perkins Loan for the award year 2014-2015 or earlier. A school may offer a Perkins Loan to a student only if all of the following conditions are met:

  1. The school made at least one Perkins loan disbursement to the student on or before June 30, 2015.
  2. The student is enrolled in the same institution where the last Perkins loan disbursement was received.
  3. The student is enrolled in the same academic program for which the student received his or her last Perkins loan disbursement.
  4. Students must have been awarded all Direct Subsidized Loan for which they are eligible.

General Information

  • Federal loan program for students who demonstrate exceptional need based upon the FAFSA
  • Funding is limited
  • No interest accrues while student is enrolled at least half time
  • One nine-month grace period after the student is no longer enrolled half time before repayment begins
  • Standard repayment is 10 years

Annual Maximum: Up to $2,000

Cumulative Maximum Total Debt: $20,000 for undergraduate study

Interest Rate: 5%

Exit Counseling

  • Federal regulations require students to complete this once you graduate from Carroll or your enrollment drops below half time status
  • Provides the borrower with important information regarding your rights and responsibilities as a borrower
  • Assists you on how to manage repaying your student loans and what you can expect
  • Complete on line at
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