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Perkins Loan
The Perkins loan is a federal loan that provides students with financial need a 5 percent interest rate. This loan allows the student up to nine months to repay with no additional fees. The amount of money received depends entirely on the applicant’s financial need. The school determines what students are eligible to obtain a loan and how much they should receive. The loan is offered to graduate and undergraduate students. The Perkins loan is similar to the Stafford loan, the difference is Perkins loans have a longer pay-back period and have no additional fees.
Eligibility
To be eligible for the Perkins Loan, applicant must meet the following criteria:
- Must be a U.S Citizen, Permanent Resident, or have eligible non-citizen status
- Must be enrolled into an accredited college or university
- Must have satisfactory academic record
- Must have financial need, student should apply for the Free Application of Federal Student Aid (FAFSA) and be eligible to obtain a loan.
How Much Money Can I Receive?
The maximum amount of money a student can receive is $4,000 per year for undergraduate students and $6,000 per year for graduate students. The loan is to be repaid within nine months after graduation with no additional fees.
How Do I Apply?
To apply for the Perkins loan a student first must submit the FAFSA providing financial information. The application form for FAFSA can be found at www.fasfaonline.com. The government will estimate how much money the family can spend on college and send a copy of the Expected Family Contribution (EFC) to both the applicant and the school. Based on the information provided in the FAFSA and the EFC, the school will determine how much money the applicant should receive. After being approved for a loan, the student must complete a Perkins application and find a lender to fund his loan. For help finding a lender, please visit, www.staffordloan.com
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