Federal Perkins Student Loans Student Loans Ed For Financial Aid and Education Loans
Perkins Student Loans are administered directly by the financial aid office at each of the participating schools and is one of the campus-based programs available to students in extreme need of financial assistance. A Federal Perkins loan is a low-interest loan for undergraduate and graduate studies. Currently, the loan rate is fixed at 5%. A Federal Perkins loan is to be repaid to your college. Please see Repayment of Loans for more information. However, there are some exceptions and depending on your field of study and future occupation, you may be eligible for a Perkins Loan Discharge.
To be eligible for a Federal Perkins student loan, you must be in extreme need of financial assistance.
As one of the campus-based programs, a Perkins loan is made through your school. Your school is your lender and the loan is made with government funds. The school will either pay you directly or deduct the loan from your tuition and other school charges. The loan is generally in at least two payments during the school year.
Eligible students may borrow up to $4,000 for each year of undergraduate study with a lifetime maximum of $20,000. Though, the amount you receive not only depends on your financial needs but also when you apply for the Perkins loan and how much money the school has to lend to its students. Generally, the Federal Perkins student loan is made on a first-come, first-served basis.
Other than interest, there are no additional charges for a Federal Perkins Loan unless of course you miss a payment, make a payment late or make a partial payment. Then, you might have to pay a late fee plus any collection costs.
With a Perkins loan, repayment doesn't begin until after your nine month grace period. The grace period begins after you graduate, leave school or drop below half-time status.
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