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

Federal Perkins Loan

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%

Applying for a Federal Perkins Loan

  • Complete the Free Application for Federal Student Aid (FAFSA) at
  • Receive your final financial aid award from Carroll - f you are eligible, you will see a Federal Perkins loan listed
  • Complete Entrance Counseling as soon as possible after July 1 at To access your account, please use your FAFSA pin. If you have any questions regarding this process, please contact the Business Office at 262-524-7337 or by email at

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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