The Federal Perkins Loan is a low-interest student loan program designed to help students with exceptional financial need pay for their college education. It is offered by participating colleges and universities, which act as lenders. The interest rate for this loan is fixed at 5%, and repayment typically begins nine months after the student graduates or leaves school. This loan program is no longer accepting new borrowers as of September 30, 2017, but some schools may still have funds available for current students. The Perkins Loan was a key resource for many students seeking financial assistance for their higher education.