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Low-income students enrolled in an undergraduate, graduate, or vocational program at an institution that participates in the Perkins Loan Program are eligible to receive the Perkins Loan.
Not all schools offer Perkins Loans, so it’s important to consult with your school’s financial aid office to find out which programs are available.
The Federal Perkins Loan Program provides assistance to qualifying students who can demonstrate financial need and who are seeking a higher degree through an approved postsecondary school.
Department of Education offers several loan programs to place an affordable education within your reach.
Do not leave free money on the table – apply for every grant and scholarship for which you qualify.
Loans are the most common funding sources for college: According to the National Postsecondary Student Aid Study (NPSAS), 65% of four-year undergraduate students take out student loans to help them pay for college.
These three factors determine the size of your Perkins Loan: The maximum annual loan for undergraduate students is 00, with a lifetime loan maximum of ,000.
Graduate students can borrow up to 00 each year, with a ,000 lifetime cap.
The funds you receive from your Perkins Loan will automatically be applied to your academic expenses, such as tuition, registration fees, and on-campus housing.
Borrowers must be able to pass a credit check, and the student whose education is being funded must be a dependent that meets these minimum requirements: Parents access PLUS loans by filing an application, and signing a Master Promissory Note (MPN).
Interest rates are fixed at 7.9%, and borrowing limits are determined by subtracting all other financial aid award amounts from the total cost of attending school.
Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.
Interest rates are higher than federal student loans, but still fall below most other types of private financing (home, car, etc.) The Federal Family Education Loan program (FFEL) is a now-defunct lending program designed to provide American college students and their families with federally backed student loans. Perkins Loans Perkins loans are federally funded loans administered directly by your institution of higher education (IHE).