Perkins Loan

A Perkins loan is a Federal loan for undergraduate and graduate students with demonstrated exceptional need as determined by the FAFSA.

• 5% fixed interest rate


• No fees


• Not based on credit


• Repayment begins 9 months after graduating, leaving school, or dropping below half-time status


• Up to 10 years to repay


• $40.00 minimum payment

Cancellation options are available for Perkins loans. In general, cancellation options include:

• teaching in elementary or secondary schools serving low-income students


• teaching special education


• teaching handicapped education


• teaching in fields of expertise as determined by the state department of education


• employment with Head Start Pre-School Program


• employment as a nurse or medical technician


• employment in a child or family service agency


• employment in law enforcement


• serving as a Peace Corps volunteer or a volunteer under the Domestic Volunteer Service Act


• employment with early intervention services


• engaged in Military Service in an area of hostility or imminent danger

For specific requirements concerning the cancellation options and to print the Perkins Request for Cancellation form, click here. If you have other questions, send an email to perkins@nmstudentloans.org.