Perkins Loan

Perkins Student Loan

<b>Perkins Loan Overview:</b> The Federal government gives each college and university some money for Perkins loans. The college then gives out the loans and the students repay them straight to the college.

<b>Eligibility:</b> In order to receive the Federal Perkins loan, students must meet certain requirements. A few of these are: being a United States citizen, enrolling in school no less than half time and enrolling at an accredited school.

Both graduates and undergraduates can get a Perkins Loan. The Perkins Loan is a wonderful option for students who are in great financial need because it only has an interest rate of 5%. In addition to that, the federal government pays all interest during the time in which the student is in school and also nine months after graduation.

<b>Applying:</b> The student must fill out a FAFSA application before applying for the Perkins Loan. FAFSA.com is a convenient place to do this. Whether or not the student receives a Perkins loan will be based on the time in which they apply, their college�s funding capacity, and their level of financial need. The individual schools will determine which students have the greatest needs.

When the student is given the loan, they must maintain it. Doing this requires the student to show academic improvement.

<b>Borrowing Limitations:</b> If you are an undergraduate you can get up to $4,000 a year and $20,000 in all. Graduates are permitted to borrow no more than $6,000 a year and $40,000 in all.

<b>After You�ve Been Granted a Loan:</b> After you are granted a Perkins Loan, you�ll either receive a check in the mail from your school or you�ll notice that credits have been added to your school account. The Schools will typically make two installments per academic year.

You will not be charged fees for the Perkins Loan except in the case of late, missed, or partial payments.

To sum up, the Perkins loan is a low rate loan given to students through their college or university. Undergraduates can borrow no more than $4,000 a year and no interest is paid by the student until 9 months after they have graduated.

NOTE: Use of this article requires links to be intact.

Comments? Questions? Email Here

© HowtoAdvice.com

How to Advice .com