The federal Perkins loan is a long-term low interest loan. This loan is given
to the undergraduate and graduate students to finance their education. The university
and the federal government contribute to this loan. When a student repays the
money is directly added to this fund.

Interest Rate

The interest rate on the balance is 5%.

Grace Period

When a student leaves the university he is given a six or nine month grace period. After that he has to begin repayment of the loan.