St. Cloud State University
Financial Aid Office
Types of Financial Aid - Federal

Perkins Loan

The federal Perkins Loan is a need-based loan awarded to students with exceptional financial need (the lowest EFC from the FAFSA results). Program funds are limited so it is important to apply early for financial aid. You must have been awarded the Perkins Loan on your financial aid award letter in order to borrow under this federal loan program.

If you were awarded a Perkins Loan and decide to accept it, the St. Cloud State Business Services Office will send new borrowers a master promissory note (valid for the next ten years) and a Rights and Responsibilities Statement to complete the acceptance process. If you are a renewing Perkins borrower you will only receive the Rights and Responsibilities Statement.

There are many positive features of this loan.

  • No processing or origination fees.
  • Fixed interest rate of 5%.
  • The federal government pays the interest while you are enrolled at least half-time (6 credits) and during the grace period.
  • Repayment begins 9 months after you graduate, withdraw, or enroll less than half-time (6 credits).
  • Interest begins to accrue after the 9 month grace period.

Once students are no longer enrolled in school at least half-time (6 credits), they are required to complete loan exit counseling. Borrowers have up to 10 years to repay the loan and under certain conditions there are loan cancellation benefits.

Questions about your Perkins Loan, including deferment, forbearance, or cancellation may be directed to the Minnesota State Colleges & Universities Student Loan Service Center.

Return to the Loans Overview Page

Financial Aid Office
Phone: (320) 308-2047

Campus address
720 4th Avenue South
St. Cloud, MN 56301-4498
(320) 308-0121
St. Cloud State University is an affirmative action/equal opportunity educator and employer.
St. Cloud State University is a member of the Minnesota State Colleges and Universities system.
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