Another option for students that are undergraduate and graduate is to take out a loan under the program which is called the federal Perkins loan Program. this loan can typically be taken out at an interest rate of 5% at the college. This is a school-based program. once the program is completed and the student graduates the payments would be payable to the university that originally gave out the loan. students that are undergraduate qualify up to 5500 annually or a total of 27500, either or and those who are graduate students they can qualify up to $8,000 annually or a total of $60,000 Federal Perkins loans do not come with any additional fees other than the interest.