Loan terms and limits
Federal Perkins Loan
If you are a full-time undergraduate who has not yet completed a degree program, you may be offered up to $5,500 annually. If you are a graduate or professional student, you may be offered up to $8,000 per year. Aggregate limits are $11,000 for undergraduate students who have completed less than two years of coursework in a degree program; $27,500 for undergraduate study for students who have successfully completed two years of an undergraduate program leading to a bachelor's degree; and $60,000 for graduate/professional study, including any amount borrowed as an undergraduate.
- Annual interest rate is 5 percent; no insurance premiums or origination fees are charged. You begin repayment nine months (6 months for NDSLs) after you graduate, leave the University of Minnesota, Twin Cities, or drop to less than half-time student status.
- Your payments are calculated to enable full repayment within 10 years (program minimums of $30 or $40 per month, determined by your promissory note).