The Federal Perkins Loan Program is a federally-funded college-administered loan program with an interest rate of 5%. You may use these loan funds for any educational cost. The amount of your award will vary depending on your year level and your calculated need. You may not exceed a cumulative total of $20,000 for your undergraduate study. If you are a graduate student, you may not exceed a cumulative total of $40,000 including undergraduate indebtedness.
Students awarded the Federal Perkins Loan must also complete Federal Perkins Loan Counseling and a Federal Perkins Promissory Note:
Federal Perkins/Institute Loan Entrance Counseling  - to be completed each year that a student borrows a Federal Perkins Loan.
It is required by law that all students receiving Perkins Loans undergo entrance before receiving loan proceeds. This counseling provides critical information about your loans and your rights and responsibilities as a student borrower.
A Federal Perkins Loan Promissory Note  must be completed once and on file in the CalArts Accounting Office.
Before graduation or leaving CalArts for any reason:
Students borrowing a Perkins Loan must also complete Perkins Loan Exit Counseling shortly before graduation or otherwise leaving school:
Federal Perkins/Institute Loan Exit Counseling 
If you borrowed a Federal Perkins Loan, your repayment will be administered by the Accounting Office at 661-222-2755.