Perkins Loan is made through participating schools to students who demonstrate exceptional financial need.
This is a low interest loan provided by the federal government. The Federal Perkins Loan is a Student Loan
offered to eligible students enrolled in accredited American institutions of higher education to help finance their education.
The most important student loan is the one with lowest interest rate.
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Federal Perkins Loans Overview
These loans are for undergraduate, graduate and professional students enrolled for at least half-time. Each school participating in the Federal Perkins Loan program receives a certain amount
of Perkins funds each year from the U.S. Department of Education's office of Federal Student Aid.
Students with special financial need should apply for this loan as it offers the lowers Interest Rates of 5%.
Due to limited funds, it is important to Apply early to be considered for these funds. Not everyone who qualifies for Perkins
loans might receive one.
How To Apply
The first step when applying for Federal Perkins Loans is to submit your
FAFSA Application.
The easiest way is to use the Apply page under Student Loans.
Eligibility
Perkins Loans are for Undergraduates,
Graduates and
Professional Study students.
Credit history is not required for this loan.
Award Amounts
The award amounts depend on financial need, amount of other aid, and availability of funds at school.
Here we present loan limits:
Award Amounts
 Undergraduate Student - Up To $5,500 A Year With $27,500 Maximum As An Undergraduate Graduate Student - Up To $8,000 A Year With $60,000 Maximum Including Undergraduate Loans
Interest Rates
The federal government sponsors this loan, so the interest rate is very low of 5%. This is the lowest interest rate you are going to find for a
Student Loan. If you qualify for this program make sure to apply as the rate is low for
both Undergraduate and
Graduate students.
Repayment Options
The lender in this case is the school itself using funds from the U.S. Department of Education. You repay the loan to the school or it's servicing agent.
No private institution or bank is involved here.
The grace period for this loan lasts nine months. There are exceptions if you are enrolled less than half-time. You will need to check with your
financial aid office to determine your grace period.
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With Federal Perkins Loans there are two way you are going to get paid. Your school will either pay you directly mostly by check, or they will credit your account.
Generally, you will receive the loan in at least two payments during the academic year.
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Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
View All Tips
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Important Questions |
Q: When do I pay back my Perkins Loans?
After you graduate, or leave school, you will have to pay the loan back to borrowed amount to your school or it's agent.
Q: Do Perkins Loans Have Different Repayment Options?
No, these loans do not offer repayment options. You simply make monthly payments to the school that loaned you the money.
Q: Is credit history required for Federal Perkins Loan?
No, credit history is not required for this loan.
Q: Are there any other fees for Federal Perkins Loan?
There no no other fees for this loan.
View All Questions
When applying for Student Loans this is the best loan possible if you can demonstrate exceptional financial need.
Federal Perkins Loans are for Undergraduate and
Graduate students and they offer the lowest interest rate.
Credit History is not required for this loan.
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