The Federal Perkins Loan is a low-interest loan awarded to eligible undergraduate students with financial need as determined by the FAFSA. Students must complete a Master Promissory Note. The interest rate is fixed at 5%. To be eligible for the loan you must be enrolled full-time (at least 12 credit hours).
The Perkins Loan must be repaid to Northern Illinois University. Repayment and interest charges are deferred for nine months after you graduate or drop below half-time enrollment.