What are Perkins Loans? Perkins Loans are Federal or
Government Loans which are only available to the most needy students in the US.
To find out if you are eligible for a Perkins Loan, you must
fill in and submit a FAFSA, that is a Free Application for Federal Student Aid and is used to determine which forms
of federal aid you are entitled to.
The big advantage of the Perkins Loan is that the interest
rate, which is fixed, is very low, at 5%.
To qualify, as well as demonstrating serious financial need,
students must be enrolled at least half time at their college and must be elligible according to the citizenship
rules and have no existing unpaid loan debts.
If you think you might be elligible for a Perkins Loan, you
should contact the financial aid office at your college to get additional advice and you must make sure you get
your application in on good time.
Perkins Loans are available to both undergraduate and
graduate students and there is an upper limit which can be applied for each year and an upper total. Loans are
applied for on an annual basis and are adminstered by the individual colleges. This means that your elligibility is
reassessed every year you apply for a loan.
Another advantage of a Perkins Loan is that you don't have to
start paying back until nine months after graduation, which gives you time to get on your feet financially. In
certain cases of extreme financial hardship, you may be permitted to defer repayment of the loan.
It is also possible to consolidate your perkins loan with
other federal loans such as stafford loans, making it easier to repay the loan and extending the repayment