The Federal Perkins Loan is a campus-administered federal program that provides fixed-interest loans to students with exceptional need. Interest does not accrue while the student is enrolled at least half-time or during grace or deferment periods.
Students should refer to their financial aid award to determine the amount of their annual Perkins Loan. Unless requested otherwise through the Office of Financial Aid, disbursement of any annual amount is generally split across semesters and applied to the student's tuition account.
$5,500 per year
Cumulative limits of $11,000 for Undergraduates in years one and two, $27,500 for Undergraduates in years three and four
|Graduate/ Professional Students
$8,000 per year
Cumulative limits of $60,000 for graduate/professional students (combined with undergraduate borrowing).
Rates & Fees
The interest rate is a fixed 5% rate. There are no origination fees associated with the Perkins Loan.
Federal regulations require that all first time borrowers of Federal Perkins Loans complete Entrance Counseling and a Master Promissory Note (MPN). First time borrowers will receive an email from the Brown University Loan Office with detailed instructions regarding completion of the following requirements:
The Entrance Counseling and Master Promissory Note will be completed online. Once the materials are created, the Loan Office will send an email notification to the student's Brown University GMail account.
Federal Perkins Loan Entrance Counseling: This session will give you guidance on managing your student loans both during and after college, and provide information on your Federal Perkins Loan rights and responsibilities.
Federal Perkins Loan Master Promissory Note (MPN): By signing the MPN, you promise to pay back to Brown University all loan amounts disbursed while enrolled at Brown plus interest accrued. A single MPN covers all Perkins Loans awarded by Brown University for up to ten years.
Learn more at Repay Your Loans.