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Home > Services > Financial Aid > Financial Aid Programs

Perkins Loan

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What is a Perkins Loan?

A Federal Perkins Loan is an educational loan with a low, fixed interest rate (5%) for students who have exceptional financial need. Loan amounts awarded within the Los Angeles Community College District are determined by individual colleges and the availability of funds. A six-unit minimum enrollment (Approved Units for students with approved Extension Petitions) may be required at your financial aid processing school for Federal Perkins Loan eligibility.

How much can I borrow?

Depending on when you apply, your level of need, and the school’s funding level, you can borrow up to:

$4,000 for each year of undergraduate study. The total loan amount you can borrow as an undergraduate is $20,000.
$6,000 for each year of graduate or professional study. The total amount you can borrow as a graduate student is $40,000, including any Federal Perkins Loans you borrowed as an undergraduate.
$400 to $1,500 for each year is the amount you can borrow at Trade Tech because of limited funding. Trade Tech College can only make new loans based on monthly collections of prior loans.
What are the selection criteria?

Because of limited funding, the school has established a policy for selecting applicants for Perkins Loans as follows:

Applicants must be in a program of study for at least two (2) semesters before the first loan is requested.
A second loan can be issued to students after successfully completed 24 semester units.
Applicants must meet all academic satisfactory progress standards.
Applicants must demonstrate through documentation that they have extraordinary expenses above and beyond normal college expenses.
Applicants must be enrolled in at least six (6) units in Los Angeles Trade Technical College throughout the loan period.
Applicants must be eligible to receive a PELL grant.
Attend a Money Management Session before the first check can be issued to you.
How do I apply for a Federal Perkins Loan at Trade Tech?

Applying for Federal Perkins Loans is available only for those students whose financial aid applications have been processed and they have received their award letter at Los Angeles Trade Technical College.  Students must be enrolled at least half-time or six (6) eligible units at Los Angeles Trade Technical College). Please follow the steps listed below in order to ensure timely processing of your loan(s):

Step 1: Submit a FAFSA online at Make sure you put LATTC school code (001227) on your application

Step 2: Two weeks after applying for FAFSA, you should come to the Financial Aid Office to submit all follow-up documents and fill out the forms required to complete your financial aid file.

Step 3: Receive a financial aid award letter from Financial Aid Office.

Step 4: Complete and submit a Federal Perkins Loan Application to the Financial Aid Office.  The form is available in the Financial Aid Office.

Step 5: You will receive an approval notice from the Loan Coordination by e-mail or regular mail with instructions on things you need to do to complete the process

Step 6: Attend a scheduled Money Management Workshop (for all first time borrowers at LATTC)

Step 6: Complete a scheduled individual or group Entrance Counseling Session with the Loan Coordinator.

Step 7: Signed and submitted all required documents before the first disbursement is made.

Step 8: Complete a scheduled individual or group Exit Counseling Session with the Loan Coordinator. Signed and submitted all required documents before the second disbursement is made.

Other than interest, is there any charge to get these loans?

No, you’re not charged any fees to take out the loan. You pay no interest on your loan as long as you are enrolled at least half time (6 units). But, if you don’t make loan payments on time, you might have to pay a late charge. If you keep missing payments, you might have to pay collection costs as well.

How will I be paid?

Generally, the first half of your loan fund is deposited into your Higher One Debit Card Account or your designated Bank Account in about 2 weeks after you have completed the Loan Application Process listed above.  You will receive the second half of your loan during the spring semester after an exit interview.

Can I cancel the loan if I change my mind, even if I’ve signed the promissory note agreeing to the loan’s terms?

Yes, you may cancel all or a part of your loan if you tell your school by the first day of the payment period. The payment periods are the fall and spring semesters. You may also cancel your loan at any time by returning the un-cashed check to the Financial Aid Office. You may also pay the loan in full without a penalty.

When do I pay back this loan?

You must begin repaying your loan nine months after you graduate, leave school, or enroll less than half
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