The Federal Perkins Loan Program is a campus-based financial aid program. This means that each college that participates in the program receives a set amount of funding for disbursement to its students. Perkins loans are given to the "neediest" students, which means to those students with the lowest income and the highest cost of education. This is a loan which must be repaid.
Currently, there is a very small amount of Perkins Loan money available at LBCC. Priority is given to continuing students who have completed their financial aid file by the First Priority Deadline and who have not previously borrowed from another loan program.
Perkins Loans are typically $2,500 per year with a maximum allowable total of $8,000 at a community college. Perkins Loans are disbursed in two payments, half in the fall and half in the spring. The Perkins interest rate is 5%.
The Free Application for Federal Student Aid (FAFSA), plus any additional documentation needed to complete the financial aid application, are required in order to receive a Pell Grant. Students who are awarded a Perkins Loan will be contacted by the Financial Aid Office and must attend Entrance Counseling prior to the first disbursement and Exit Counseling prior to the second disbursement.
