About the Perkins Loan
The Perkins loan is a low-interest (5%) loan available to both graduate and undergraduate students with great financial need. It is a Title IV campus-based loan, made up of University and Federal dollars. Boston College is your lender.
This is a loan and must be repaid.
How to Apply
A Free Application for Federal Student Aid (FAFSA) must be completed. Once the Boston College Office of Financial Services receives this information, they will send an award letter to the student. The letter will indicate whether the student has been awarded a Federal Perkins loan, in addition to any other financial assistance. Perkins funds are limited, so early application, along with need, are crucial to receiving this loan.
Borrowers will be contacted to complete an entrance interview and promissory note. These items should be returned to the Office of Student Services (Lyons Hall) by the designated deadline.
For further questions regarding eligibility or the awarding process, contact the Office of Student Services at 800-294-0294.
Maximum Borrowing Amounts
- $4,000 for each year of undergraduate study up to $20,000.
- $6,000 for each year of graduate or professional study up to $40,000 (including any Perkins loans borrowed as an undergraduate).
The award amount will depend on when the application is received, the level of need of the student, and the funding level of the school.
Distribution of the Perkins Loan
The amount awarded by Financial Services will be posted to the student's Boston College tuition and fees account during the registration period each semester.
Credit Bureau Reporting
Perkins loans will be reported to Equifax Credit Bureau on a monthly basis. To contact Equifax, call 800-685-1111.
Deferment and Cancellation
Under certain circumstances, repayment of a Perkins loan can be deferred. During deferment, payments are not required and interest does not accrue. After deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.
Types of deferments include:
- Economic Hardship Deferment and Forbearance
- Professional Employment Deferment and Cancellation
- Student Deferment
- Unemployment Deferment