Federal Perkins Loans are very
low-interest loans (5%), which are available to both undergraduate
and graduate students with high financial need. Although
the federal government provides the majority of the funds
for Perkins student loans, the school contributes a small
portion of its own institutional funds. The school also
serves as the actual lender and – as such –
repayment will be made to your school. As students pay back
their loans, the funds are redistributed to other students.
-
Perkins student loan programs
are need-based, and carry the lowest interest rate of
all student loans.
-
The maximum Perkins Loan award
is $4,000 per year for undergraduates, and $6,000 per
year for graduate students.
-
The amount you receive from
a Federal Perkins Loan – if any – will depend
on your financial need, the amount of other aid you receive,
and the availability of funds at your school.
-
Generally, you will not be charged
interest on your Perkins Loan, nor be required to begin
repaying the loan until nine months after you have graduated,
withdrawn, or dropped below half-time enrollment status.
-
Borrowers have a nine-month
grace period before beginning repayment. The repayment
period for a Perkins student loan is 10 years, with a
minimum monthly payment of $40. However, the exact timeframe
for repayment and the amount of your monthly payments
can vary widely, based on your total indebtedness.
-
Additionally, the Perkins student
loan program contains some forgiveness programs, not offered
to students who have other federal loans.
Available
Types Of Federal Government Student Loans |
 |
Consider the various types of federal financial aid programs,
or look into private education
loans as an alternative. Click on the following links
to explore available options for federal / US government student
loans.
Perkins
Loan Application Process: Supplementary Step |
|
Either prior to or after you apply for Perkins Loans, you
will be required to submit a FAFSA application
form, to determine your level of financial need and subsequent
eligibility. Go to www.fafsa.ed.gov
to download this form.
|
