|
|
 |
|
Federal Perkins Loan
The Federal Perkins Loan is a low-interest (5%) fixed rate loan for
students with exceptional need as determined by the FAFSA. Federal
Perkins Loans are made through the college's financial aid office
with the college as the lender. The Perkins loan is an excellent way
to finance your education because no interest is charged until your
loan enters repayment and, then, the interest rate is fixed at 5%.
There are also ways to cancel a portion or your entire loan by serving
in certain careers.
How much may I borrow?
- Eligible students may borrow a maximum of $4000 per year
for up to five years of undergraduate study.
- The aggregate loan limits for Perkins is $20,000.
|
How do I apply?
- Complete the FAFSA. The college financial aid office will
determine your eligibility based on your financial need.
- If you qualify for a Perkins loan, the college financial
aid office will provide the Perkins promissory note.
|
What happens when the loan enters repayment?
- You may take up to 10 years to repay the loan, beginning
nine months after you graduate, leave school, or drop below
half-time status.
- The minimum monthly payment is $40.
- No interest accrues while you are in school, and, under
certain conditions, some or the entire loan may be cancelled.
- Cancellation options include: teaching in low-income
areas, working in law enforcement or as full-time nurses
or medical technicians, or serving as Peace Corps or VISTA
volunteers. For details on cancellation requirements, visit
with the financial aid officer at your college.
- Deferment and forbearance options are available and will
temporarily suspend or reduce the monthly payment amount.
|
|
|
|
|
|
|
Find money for college! More than 1.7 million awards valued at $7.6 billion! 
RSS Feeds
