what is the lifetime cap for undergraduate loans
Perkins Loans are awarded to undergraduate, graduate, and professional students who are enrolled at least half time. Eligible undergraduates can qualify for up to $4,000 each school year under the Perkins Loan program. The loan cap is $20,000 during an individual's undergraduate degree program. Graduate students are eligible to receive up to $6,000 per year in Perkins Loan assistance, with a lifetime cap of $40,000 including undergraduate loans. Students must begin to repay Perkins Loans to their institutions nine months after they graduate or drop below half-time enrollment status.