August 8, 2016
A new infographic by ACE's Center for Policy Research and Strategy (CPRS), “The Federal Perkins Loan Program” is the latest installment in CPRS’ Higher Ed Spotlight series that covers relevant and timely issues of interest to higher education stakeholders.
The low-interest federal loan program for students with financial need is funded through a partnership with the federal government and participating higher education institutions. The program expired in 2015 but was given a two-year extension last December. Without further legislative action, no new Perkins Loans may be awarded after Sept. 30, 2017.
More than 520,000 students received a Perkins Loan in 2014-15, with an average disbursement of $2,199.
Undergraduate Perkins Loan borrowers:
• Are 55 percent women and 45 percent men
• Have a median age of 20
• Have a median adjusted gross income of $28,366
• Are 62 percent white; 14 percent black; 12 percent Hispanic
• Are 71 percent financially dependent versus 29 percent independent
Click here to see the ACE Infographic