The Federal Perkins Loan is a low-interest (5%), long-term educational loan program available to both undergraduate and graduate students demonstrating exceptional financial need. Repayment is required unless the loan debt is otherwise resolved. As an undergraduate, you may borrow up to $4,000 for each year of study and up to $20,000 to complete an undergraduate degree. There is a limit of $8,000 if you have not completed the first two years of your undergraduate work. If you are a graduate student, you may receive up to $6,000 for each year of study not to exceed $40,000 for all years of study including undergraduate amounts received. Award amounts are based on fund availability and are determined annually by the Office of Student Financial Aid and Scholarships.  If you are eligible for Perkins Loan funds your award amount may be less than these limits due to limited fund availability.  Interest is not charged and repayment does not begin until nine months after your enrollment drops below half-time status. If you receive your first Perkins Loan on or after October 1, 1992, your minimum payment will be $40 per month. In all cases, repayment may extend up to 10 years depending upon the total amount borrowed. If you have outstanding NDSL balances and you are receiving a Federal Perkins Loan now, you must review your NDSL promissory note to determine the terms and conditions that apply to your loan. Under certain conditions of reenrollment, employment or extenuating circumstances, payments may be deferred or canceled. Further information concerning repayment is available in the Office of Student Loan Collections, 516 S. Main St.