A Perkins loan is a federal student loan program to pay for college. Perkins loans are subsidized loans, which means the government pays the interest until the end of the loan grace period. The annual interest rate on Perkins loans is capped at 5%. All students applying for a federal student loan are required to complete a FAFSA loan application. The grace period for Perkins loans is nine months. The Perkins loan program expired to new borrowers on September 30, 2015.
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