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Loans made through the Federal Perkins Loan program, often referred to as Perkins Loans, are low-interest federal student loans for undergraduate and graduate students with exceptional financial need. The interest rate is 5%. The amount a student can borrow depends on their financial need, the amount of other aid they receive, and the availability of funds. Due to limited funds, not everyone who qualifies for a Perkins Loan will receive one.

Repayment begins nine months after the student graduates, leaves school, or drops below  half-time status. The school is the lender and payments will be made to the school or the school's servicer. Alabama State University Federal Perkins Loans are serviced by ECSI. Promissory Notes, Entrance and Exit Counseling for Perkins Loans are completed electronically through ECSI.