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| Federal Perkins Loans |  A Federal Perkins loan is a low interest (5%) loan intended for undergraduate and graduate students with special financial need. This is a campus-based loan program. The school lends money disposing a limited pool of funds provided by the federal government. The school combines federal funds with some of its own funds for loans to qualifying students. It also determines which students have the greatest need. The Perkins Loan is the best student loan. It is a subsidized loan. Federal government pay the interest during the in-school and 9-month grace periods. The repayment period is 10 years.
Your school's financial aid office determines the amount of Perkins Loan you get. The program has limits. - $4,000 per year for undergraduate students
- $6,000 per year for graduate students,
- $20,000 cumulative limits for undergraduate loans
- 40,000 cumulative limits for undergraduate and graduate loans combined.
You'll get the loan in at least two payments during the academic year. Your school will pay you directly (usually by check) or apply your loan to your school charges.
Perkins loans are similar to subsidized Stafford loans. The differences between them are: Perkins loan no fees requires and has a longer grace period.
Qualification requirements
• You have to be enrolled in an eligible school at least half-time in a degree program
• You have to be U.S. citizen, permanent resident, or have eligible non-citizen status
• You should have satisfactory academic progress
• Have no education loans in default or owe education grant refunds
• Satisfaction of all Selective Service requirements
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