Federal Perkins Loans
When you apply for a Federal Perkins Loan, CUNY is the lender. Funds are limited to a set amount of money provided by the federal government, a share contributed by CUNY, and the repayments of prior borrowers.
Payment of the loan principal is deferred and no interest is charged while you are enrolled for classes as at least a half-time student. After you leave college you have a nine-month grace period before beginning repayment. Once repayment begins you have a maximum of ten years to repay the loan. The FAFSA is the application for the Federal Perkins Loan.