The Perkins Loan program is a federal loan program that provides low interest (5%) loans to students who demonstrate exceptional financial need. No interest accrues on the loan while the student is enrolled on at least a half time basis, during the nine-month grace period, and during periods of deferment. Repayment begins nine months after the student graduates or is no longer enrolled on at least a half time basis. Perkins loans are administered through the Tepper School of Business and funds are limited. The maximum annual award amount is $8,000. There are no loan origination fees for Perkins Loans. Highest consideration is given to those who complete the financial aid application process by the suggested deadline. A separate loan application is not required but students must complete a Perkins Loan Promissory Note and Federal Perkins Loan entrance counseling (separate from Federal Direct Loan Promissory Notes and entrance counseling).
Prior to the semester in which students first borrow a Perkins loan while attending Carnegie Mellon, the university's HUB contacts Perkins awardees to request that borrowers sign the Perkins Loan Promissory Note and complete Perkins Loan Entrance Counseling via our Perkins Loan servicer website, ECSI.net. Students generally are able to access these documents shortly before the start of their first semester as a Perkins borrower and only after being contacted by the HUB to do so. Continuing students must meet the satisfactory academic progress requirements in order to be eligible for Federal Perkins Loans.