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Federal Perkins Loan

Students who demonstrate exceptional financial need may be offered a Federal Perkins Loan. Due to federal regulatory changes, Federal Perkins Loan funds are not available beyond the 2017-18 academic year.

  • Who Can Borrow: Students with exceptional financial need. 
  • Lender: Northwestern University 
  • Loan Amount: Varies
  • Interest Rate: The rate is fixed 5% during repayment. The federal government pays the interest while the student is enrolled at least half-time or in deferment.
  • Repayment Terms: Repayment begins nine months after graduation or after the borrower ceases to be enrolled at least half-time. A minimum payment of $40 per month is required, and the borrower has up to 10 years to repay the loan. There is no penalty for early repayment.
  • Application Instructions: Apply for aid. If you qualify for this loan, you will be notified and emailed instructions on how to complete the loan materials online (loan application, entrance interview, Master Promissory Note and Total Loan Indebtedness Disclosure).