Students will automatically be considered for the Federal Perkins Loan if they complete the Free Application for Federal Student Aid (FAFSA) and demonstrate exceptional financial need. Only first and second year undergraduate students are eligible. Funds are limited and are awarded on a first-come, first-served basis.

Billing and payment information is available on the University Billing and Loan Collections Office Student Loan Information web page.

Lender:  The University of Iowa

Interest Rate:  5%

Interest Free in School:  Yes

Loan Fee:  None

Cumulative Maximums:  $20,000 Undergraduate

Grace Period:  9 Months

Standard Repayment:  Up to 10 years

Minimum Payment:  $40 per month