Federal Perkins Loan FAQ
For students who need financial assistance to pay for college,getting a Federal Perkins Loan is a great way to lessen your financial burden.The Federal Perkins Loan, or Perkins Loan, is a financial based student loan offered and authorized by the U.S. Department of Education to assist American college students in funding their tertiary education.This unique educational loan program is named after Carl D. Perkins who is a former member of the U.S. House of Representatives from Kentucky.
Who is eligible for a Federal Perkins Loan?
If you are a US citizen who have a desire to further your tertiary education but have problem funding it due to a lack of funds from your family or yourself,a Federal Perkins Loan is certainly the right low interest rate loan for you
How much money can I apply for?
As of 2009-2010 academic year, the loan limits for undergraduates are $5,500 per year with a lifetime maximum loan of $27,500 f you are obtaining a degree in 4 years (Bachelor’s degree). For graduate students, the limit is $8,000 per year with a lifetime limit of $60,000 (including undergraduate loans).You may borrow again each year while studying in college.
How much is the Perkins Loan interest rate?
It carry a fixed interest rate of 5% for a maximum duration of the ten-year repayment period
When must you begin repaying the loan?
You do not have to begin repayment until 9 months after graduation, if they do not consider (without graduation) or if they study less than half time and you have up to 10 years to repay the loan.
How the loan can be used for?
The loan can be used to pay expenses related to education. This includes the cost of tuition, fees additional books and materials and the cost of housing but the money can not be used to pay charges for application for admission to universities, the SAT exams or charge for entry to university.
How do I apply for a Federal Perkins Loan?
Fill out a free application for federal student aid FAFSA (Free Application for Federal Student Aid).Students must apply for this loan when they submit their application for admission to college. You can also make your request while you are studying at university.
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