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Federal Perkins Loans

How Federal Perkins loans are awarded

A Federal Perkins Loan is a low-interest (5%) loan that may be awarded to students with exceptional financial need. The Perkins Loan is not a grant, it is a loan, which means that all funds borrowed must be repaid. The loan is made with government funds and a share contributed by Kingsborough Community College. This loan must be repaid to Kingsborough Community College. To be considered for a Perkins loan, students must complete a FAFSA. The Perkins Loan is awarded on a first – come, first - served basis so students are encouraged to complete the FAFSA early. The amount awarded is based on when the FAFSA is received, the students' level of need, and the amount of money the school has been allotted for the program.

Award amounts

Students can be awarded up to $5,500 for each year of undergraduate study. The maximum amount students can borrow as undergraduates is $27,500. Students must register for and maintain an enrollment status of at least half time (6 credits or equated credits) to be eligible to receive this loan. At Kingsborough Community College, Freshman students are not eligible for a Perkins Loan.

Disbursement of Federal Perkins loans

Before a Perkins loan can be disbursed, students must complete the CUNY Supplemental Form, an on-line entrance counseling session and complete an on-line promissory note. Loans are disbursed twice during the academic year (in the Fall and Spring Terms,) according to the Financial Aid disbursement schedule.

The on-line entrance counseling session is completed with our billing service ESCI and any subsequent questions can either be directed to ECSI (1-888-549-3274) or by visiting the Federal Perkins Loan Coordinator in the Financial Aid Office.


Students are not required to make loan and/or interest payments while enrolled in school. After graduating, withdrawing or dropping below half-time, students are given a grace period of 9 months before repayment of the Perkins Loan begins. When students cease to be enrolled, they must complete an on-line exit counseling session which will once again review the financial responsibilities of borrowing a Perkins Loan; the repayment agreement and repayment options. Several options exist to repay this loan, the minimum monthly payment  begins at $40.00 per month.

Deferment, Postponement and Cancellation

Students may defer or postpone payments for a variety of reasons as discussed during the entrance and exit counseling sessions. The entrance and exit counseling sessions also discuss the fields of work for which Perkins Loan cancellation is possible. 

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