This loan program is a low interest loan for students with exceptional financial need, as determined by the school's Financial Aid Office. An undergraduate student may be eligible for up to $4,000 annually. The Perkins Loan program has a fixed interest rate of 5%. Payments are deferred while the student is in school, and during the grace period and authorized deferment periods. Repayment begins nine months after the student graduates, leaves college, or drops below half-time status (as determined by the school). Repayment is normally up to 10 years with minimum monthly payments of $40.