The Federal Perkins Loan is a loan administered by the university. It is awarded to students who apply early and show an exceptional need as determined by FAFSA. Funding depends on the allotment of funds from the federal government to ETSU each year. The Perkins Loan is a fixed, low interest rate loan at 5%.

How much can I borrow?

Each year of undergraduate study: up to $4,000

The aggregate limit for an undergraduate student is currently $20,000.

Each year of graduate or professional study: up to $6,000

The aggregate limit for a graduate or professional student is currently $40,000, including any loans you have borrowed as an undergraduate.

The Federal Perkins Loan is deferred for up to 9 months after graduation or dropping below half-time enrollment. You may have longer than 9 months, however, if you are on active duty with the military. This 9 months is called a grace period. At the end of this period, you must begin repaying your loan. You may be allowed up to 10 years to repay the loan. This loan is to be repaid through the ETSU Perkins Loan Department. The monthly payment amount will depend on the dollar amount of your debt and the length of your repayment period. Under certain circumstances, you can receive a deferment or forbearance on your loan. Deferments or forbearances are not automatic; you must contact and apply through the Bursar's Office Perkins Loan Department at ETSU. A loan can be canceled if the borrower dies or becomes totally and permanently disabled. A loan can also qualify for cancellation under certain other conditions as long as the borrower is not in default. Only ETSU can grant deferments, forbearances, or cancellations, or make other decisions concerning your loan.