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Federal Perkins Loans

Receiving a college education may be the single most important accomplishment that one may achieve in their entire life time.

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In order to qualify for Federal Perkin Loans, you will need to file a FAFSA, and wait for determination by the school which you applied to. Federal Perkins Loans are provided to schools at a set level by the Department of Education. If you qualify for Federal Perkins Loans, the school will contribute some of their funds, along with funds that they receive from the department of education to assist you with your tuition costs.

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The determination to qualify for Federal Perkins Loans is based on the criteria which is submitted in the FAFSA. The U.S. Department of Education uses a formula to assess the student’s Expected Family Contribution (EFC), in order to consider whether the student qualifies.

Some of the features and benefits In receiving Federal Perkins Loans are:

  • There is a longer grace period for the student before the loan repayment process begins.
  • The loan is paid directly to the school and outside lenders are not involved.
  • The interest rate on Federal Perkins Loans is set at a fixed rate of 5% over a ten year repayment period.
  • Federal Perkins Loans are also subsidized, so interest does not accrue until the repayment period begins.

Just as with Federal Stafford Loans, the student whom receives a Federal Perkins Loan will be required to sign a master promissory note (MPN), in order to receive the loan. The yearly limitations on Federal Perkins Loans is $4,000 for undergraduate students, and $6,000 for graduate students.

Federal Perkins Loans are typically only awarded to those students that display an exceptional financial need and offers a very flexible and affordable solution for many students. In order to receive Federal Perkins Loans, there are several expectations that students may be required to maintain. For example, to be accepted for the program, the student may not have had ever defaulted on a previous educational loan, and must maintain an acceptable GPA while participating in the Federal Perkins Loan program.

Do you need to apply for Federal Perkins Loans?
Apply for Federal Perkins Loans today.