Find A PhysicianHome  |  Library  |  myDownstate  |  Newsroom  |  A-Z Guide  |  E-mail  |  Contact Us  |  Directions
curve gif

Federal Perkins Loan

What is a Perkins Loan?

This is a federally sponsored campus based loan program. The annual interest rate is 5%. Interest will not accrue while in school. The maximum annual amount of loans that can be borrowed is $5500 undergraduate. The total aggregate amounts over the entire student borrowing history is $27,000 undergraduate. The actual amount of loan money for students is determined by the Office of Financial Aid and is based on comparative financial eligibility and the amount of funds available to Downstate Medical Center.

Repayment begins nine months after you graduate, leave school for other reasons or drop enrollment below half-time. Make sure to update all your contact information with SUNY Downstate's Registrar and SUNY Student Loan Service Center at 518-443-5626 prior to any changes to enrollment or graduation.

Who is Eligible?

U.S Citizens, nationals or permanent residents enrolled as a regular student in an eligible program. Student must be enrolled at least half time and demonstrate financial need.

How Do I Apply?

You must complete the FAFSA form to determine eligibility.

Estimated Perkins Loan Repayment Schedule

Amount Borrowed Monthly Payment Approximate Interest Quarterly Payment Approximate Interest
$1000 $40 $79 $90 $90
$2000 $40 $352 $90 $369
$3000 $40 $819 $96 $831
$4000 $43 $1092 $128 $1108
$5000 $54 $1364 $160 $1385

* Portions of this loan may be canceled for certain types of teaching, full-time employment as a nurse or medical technician and certain types of employment in child or family services agencies. Specific details can be obtained through the SUNY Student Loan Services Center, (518) 443-5626. Or visit the SUNY Student Loan Service Center (SLSC) web site.