Federal Perkins Loan

General Information
Federal Perkins Loans are low interest (five percent during repayment, which begins nine months after the borrower is no longer enrolled in school at least half-time) federal loans offered to eligible students with financial need. Interest on the Federal Perkins Loan does not accrue before repayment begins. The Federal Perkins Loan program is a campus-based program, which means that the school is the lender. Although Tulane is the holder of your loan, all billing and servicing of your loan is coordinated through ACS Education Services. However, students may contact the Tulane Student Loan Office (504.865.5366) with any questions.

Annual and Aggregate Loan Limits
Depending on when a student applies, their level of need, and the funding level of the program:

  • Undergraduate students can borrow up to $5,500 for each year of undergraduate study
  • Graduate students can borrow up to $8,000 for each year of graduate or professional study

The aggregate loan limit for undergraduate students is $27,500. The aggregate loan limit for graduate students is $60,000 (including any Federal Perkins Loans borrowed as an undergraduate).

Receiving the Perkins Loan
Tulane will credit the student's account with the Perkins Loan funds once the student has electronically signed their Perkins Master Promissory Note. Generally, students receive a the loan funds in two payments (one each semester).

Signing the Promissory Note
Students who borrow under the Federal Perkins Loan program must sign their master promissory note.  Please wait until
you receive an email notification that your promissory note is available for your signature before attempting to sign onto the following website (through which the promissory note is available after completion of the entrance interview only if it has already been prepared specifically for you):

Repayment of the Perkins Loan
Once a student graduates, leaves school, or drops below half-time enrollment, (see below for definition of half-time status) the student will have nine months before s/he begins repayment. This is called the "grace period". During the grace period, students will not have to make any payments on the outstanding principle balance.

Definition of Half-Time Status:
Undergraduate Students must take at least six credit hours to be considered half time. 

Graduate Students half time status varies by their department:

School of Architecture  
6.0 credit hours
School of Continuing Studies  
6.0 credit hours
School of Law
5.0 credit hours
School of Social Work
6.0 credit hours
School of Science and Engineering
4.5 credit hours
School of Liberal Arts
4.5 credit hours   
School of Public Health 
5.0 credit hours
Freeman School of Business
6.0 credit hours
Payson Center 
5.0 credit hours
School of Medicine    
All students are considered full time

At the end of the grace period, students must begin repaying their loan. Students are allowed up to 10 years to repay their Perkins Loan. The monthly payment amount will depend upon the size of the debt and the length of the repayment period.

Military personnel called to active duty will have additional options to postpone repayment. Please contact the Student Loan Office at (504) 865-5366 for more information.

There are tax incentives for certain higher education expenses, including a deduction for student loan interest for certain borrowers. The benefit applies to all loans used to pay for postsecondary education costs. The maximum deduction is $2,500 per year. IRS Publication 970, Tax Benefits for Higher Education , explains these credits and other tax benefits.

Exit Interview
The Student Loan Office schedules Exit Interviews for students who have borrowed under the Federal Perkins Loan program and are graduating, leaving the university, or who have dropped to below half-time enrollment. The web address for the exit interview is Please contact the Student Loan Office at (504) 865-5366 for additional information.

Loan Tracking Information
Students interested in verifying their student loan account balances can use:

  • The National Student Loan Database System - NSLDS is the Department of Education's central database for student aid. It provides a centralized, integrated view of federal student loans and Pell Grants that are tracked through their entire cycle, from aid approval through closure.

Red Flags Policy
Tulane's Identity Theft Prevention Program


Page last modified on  July 30, 2013.

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Page accessed: Monday, August 03, 2015
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University Financial Aid, New Orleans, LA 70118 504-865-5723