Federal Perkins Loan
This loan program is available to students who have exceptional financial need. The school determines the amount awarded based on both financial need and availability of funds.
- A low-interest, long-term loan for which the maximum amount you may borrow annually is $8,000, and the cumulative amount you may borrow is $60,000 for undergraduate and professional or graduate studies combined.
- This is a need-based program for which eligibility is determined from information provided on the FAFSA form.
- Due to limited funding in the Perkins Loan Program, these loans will only be offered to students with exceptional need defined as students receiving a Yale need-based scholarship.
- The interest rate on the Federal Perkins Loan is 5 percent. This loan is interest free while you are enrolled in school and during the 9 month grace period while the student is in school or during authorized deferment periods.
- You must attend entrance and exit interviews in the Student Loan Office and complete the necessary forms, including promissory note, before the loan will be disbursed.
If you are awarded Perkins Loans, your promissory note will be generated after you have accepted your financial aid award and returned the forms requested in your original financial aid package.