Federal Perkins Loan

Federal Perkins Loan (FPLN) is a low interest (5%) loan awarded by Montclair State University to students with exceptional need. Award amounts vary depending on financial need and level of available funds.

How Much Can I Borrow?

Depending on when you apply, your level of need and the funding Montclair State University receives, an eligible student may borrow:

  • $4,000 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000).
  • $8,000 for each year of graduate or professional study (the total amount you can borrow as a graduate/ professional student is $60,000, including any Federal Perkins Loans you borrowed as an undergraduate)
    No origination fee is deducted from the face value of the Federal Perkins Loan awarded a student.

If you have been awarded a Federal Perkins Loan, you must sign the Master Promissory Note, complete the Entrance Counseling and review the Perkins Loan Disclosure Statement

Qualification Requirements

Enrollment in an eligible school at least half-time in a degree program

  • U.S. citizens, Permanent Residents, or eligible non-citizen status
  • Satisfactory academic progress
  • No unresolved defaults or overpayments owed on Title IV education loans and grants
  • Satisfaction of all Selective Service requirements

You must submit the Free Application for Federal Student Aid (FAFSA) to apply for the Federal Perkins Loan.


Repayment of a Federal Perkins Loan begins nine months after a student graduates, leaves school, or drops below half-time status. This nine-month period is known as the grace period. At the end of the grace period, a borrower must begin repayment and is allowed up to 10 years to repay the Federal Perkins Loan in full. The monthly repayment amount is based on the size of the borrower’s debt and the length of the repayment period.

Under certain circumstances a borrower can receive a deferment or forbearance on the Federal Perkins Loan. The loan can also qualify for cancellation under certain unusual conditions.