Federal Perkins Loans are subsidized, low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $5,500 for undergraduate students and $8,000 for graduate students.
You do not have to apply separately for the Federal Perkins Loan. However, you must file a Perkins Master Promissory Note to receive this loan. The MPN can be completed on MaineStreet when you accept your loan and must be completed every year.
When you stop attending school or if you drop below half time, you will need to complete exit counseling if you have borrowed a Perkins Loan.