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Federal Perkins Loan Terms and Interest Rate

Grace period 9 months
Grace period interest rate 0%
Maximum term   120 months
Interest rate after grace period 5%

Once you leave APSU, you will have a nine-month grace period during which no interest will accrue on your Perkins Loan. At the end of the grace period, you will have a maximum of 10 years (120 months) to pay off your Perkins Loan. During repayment, interest on your principal balance will accrue. The current interest rate is listed above.