Perkins LoansPerkins Loans are student loans administered by your school with funds provided by the federal government. Each year the government allocates a certain amount to each school that is participating in the Perkins Loan program. When that money has been given out, there is no more for that year. For this reason, it is important that you fill out the FAFSA as early as possible to have a chance at the Perkins Loan.
You must fill out a Free Application for Federal Student Aid (FAFSA) form to be considered. Once the FAFSA has been processed, the school will inform you of your eligibility for the Perkins Loan. As with the Stafford Loan, you will have to sign a promissory note that will spell out the terms and conditions of the loan.
The Perkins Loans are available for both undergraduates and graduate students. You do not have to be enrolled at least half time to be eligible.
Maximum Loan Amounts
The interest rate on the Perkins Loans is set at 5%. Repayment period can be up to 10 years.
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