The Perkins Loan is available to students who have financial need. The funds allotted are limited; therefore, Ferris exercises a first-come, first-serve policy for the awarding of these funds. A student should have a completed Free Application for Federal Student Aid (FAFSA) on file, and any additional documents as requested by the Office of Scholarships and Financial Aid, before the suggested March 1st deadline in order to be considered for this loan. There is no additional application required, and award amounts vary. Repayment and interest accrual begin 9 months after graduation or less than half-time enrollment. The interest rate is fixed at 5%.