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Oklahoma State University

Federal Perkins Loan

A Federal Perkins Loan is a low-interest loan for undergraduate and graduate students with exceptional financial need. OSU receives a specific amount of Perkins Loan funds for the year. Priority for these limited funds is given to students who complete the application process, including providing requested documentation to the Office of Scholarships and Financial Aid, earliest and who demonstrate exceptional financial need.


  • Awarded to students who complete the FAFSA and demonstrate financial need.
  • Limited funds, so not all students will qualify; file the FAFSA as soon after January 1st as possible each year.
  • Refer to Required Reading for terms and conditions.

Interest Rate:

The interest rate on the Perkins Loan is fixed at 5%. No interest accrues on your loan if you are attending school at least half-time, or during your grace period.

Aggregate (Lifetime) Loan Limits:

The Perkins aggregate limit for undergraduates who have not completed 2 years of college is $11,000. The limit for all other undergraduate (including amounts borrowed in first two years) is $27,500. 

The Perkins aggregate limit for graduate students (includes loans borrowed at the undergraduate level) is $60,000.

Loan Repayment:

Oklahoma State University acts as the lender on this loan, which is made with government funds. Repayment of your Perkins Loan will be made to OSU.

If you are attending school at least half-time, you have a grace period of nine months after you graduate, leave school, or drop below half-time before you begin repaying this loan. You may be allowed up to 10 years to repay your loan. The amount of your monthly payment will depend on the amount of your debt and the length of your repayment period.

Questions regarding deferment and repayment procedures should be addressed to the OSU Bursar’s Office at (405) 744-8435.

Examples of Typical Payments for Perkins Loan Repayment

Total Loan Amount

Number of Payments

Approximate Monthly Payment

Total Interest Charges











$ 6,364.03






Source: Funding Education Beyond HighSchool : The Guide to Federal Student Aid (U.S Department of Education)

Accepting/Receiving the Perkins Loan:

You can accept all or part of your Perkins Loan by logging onto the OSU SIS-WEB for Students system. Prior to the beginning of classes, you may need to sign an online promissory note with ESCI (the company the OSU Bursar’s Office uses) before your loan can be disbursed to your account. You will be e-mailed with information to complete the promissory note.