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Federal Perkins Loan

Undergraduate students who demonstrate financial need, indicate a preference for loans on the FAFSA, and meet the priority funding deadlines are eligible for Perkins Loan. The interest rate is fixed at 5% and unlike the Direct Loans, there is no origination or default fee.  This loan is being phased out by the federal government for all students after October 1, 2017 and is currently no longer available to graduate students.

Benefits of Perkins Loan

  • Deferred repayment while in school at least half-time
  • Interest free while in school
  • Nine month grace period prior to repayment
  • Repayment is to Eastern Washington University
  • Cancellation benefits to those who qualify (contact Student Financial Services for more details)

Annual and Lifetime Borrowing Limits

  • Annual Limit (Undergraduate) $5,500 (depending on availability of funds)
  • Lifetime Limit (Undergraduate): $27,500
  • Lifetime Limit (Graduate): $60,000
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