0
Federal Perkins Loans are low-interest loans used for postsecondary education at colleges and universities who participate in the government program. It also has a nine-month grace period following a student leaving school (withdrawal, graduation, etc.), which is hard to find with regular loans.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is the federal Perkins loan?
The federal perkins loan is a student loan offered by the U.S. Department of Education to help American students with their college financing. Those that use the federal perkins loan, will have a 5% interest rate that can be paid over ten years.
Can you get a Perkins loan if you have maxed out on a federal Stafford or direct loan?
it depends on your school. Not all schools are part of perkins loan program. Ask, your financial aid office at your school to find out if they participate in the Perkins loan program. If they do, then you're eligible to receive up to $4000 every school year if you meet all the required criteria.
Where can one find federal college loan consolidation?
One can find Federal College Loan Consolidation at several facilities of the Federal College Loan Consolidation located at different outlets of Federal College Loan Consolidation.
How can one get a consolidation student loan?
"There are several ways one can get a consolidation loan. In the United States, there is a Federal student loan consolidation program that allows students to consolidate Stafford loans, PLUS loans, and Federal Perkins Loans into a single debt. One can also attain a consolidation loan through a private lender. However, the terms vary from lender to lender such as forbearances and deferments."
Can you get a Perkins and a Stafford loan?
Yes it's possible.
What is the federal Perkins loan?
The federal perkins loan is a student loan offered by the U.S. Department of Education to help American students with their college financing. Those that use the federal perkins loan, will have a 5% interest rate that can be paid over ten years.
What is the best federal student loan program?
There are many federal student loan programs to choose from. They include Federal Perkins Loan, Federal Direct Subsidized Loan, Federal Student PLUS Loan, etc. When it comes to deciding which is the best, it depends on one's circumstances.
How much can you get through a federal perkins loan?
5500 yr or 27500 lifetime max
how do i find out what i have left to pay on my fed. perkins student loan from mankato state univ. and if it is still in default?
Contact the Federal Student Aid Information Center at 1-800-433-3243 for information regarding your Federal Perkins Loan.
Can you get a student loan for school if you did not register for the military?
Yes, there are many federal and state sponsored loans that are not affiliated with the military, such as a Federal Perkins Loan. You can even get a loan from certain banks to fund your education.
Is a student loan considered federal?
In the U.S., student loans can be Federal or Private.Stafford, PLUS, and Perkins loans are Federal. Most others are private.
Can you get a Perkins loan if you have maxed out on a federal Stafford or direct loan?
it depends on your school. Not all schools are part of perkins loan program. Ask, your financial aid office at your school to find out if they participate in the Perkins loan program. If they do, then you're eligible to receive up to $4000 every school year if you meet all the required criteria.
Perkins Loan Application?
Perkins Loans are government loans that are made through participating schools to graduate and undergraduate students who have serious financial need. Perkins Loans are so appealing to students because they have low interest rates associated with them and students who have good or bad credit can generally qualify. When filing a Perkins Loan application, it is important for students and their families to remember that the main qualifying factor for this loan is great financial need. In most simplistic terms, if a student's Expected Family Contribution, or EFC, as it was determined by the government's FAFSA, or Free Application for Federal Student Aid, does not demonstrate the greatest level of financial need, a student may not qualify. However, in recent years, more and more students are easily qualifying for the Perkins Loan due to tough economic times. When filing a Perkins Loan application, it is important to remember that students who received the Federal Pell Grant will also receive priority for the Perkins Loan. Also, in consideration to the Perkins Loan application, it is extremely wise to apply for this loan type as early as possible. Schools who participate in distributing the Perkins Loan do so on behalf of the government, so when loan funds are gone for the Perkins Loan, they are sincerely gone until the next school year. If you think that you will qualify for the Perkins Loan during any school year, it is imperative that you file for this loan as close to January first of a new year as possible. This will ensure that if you do qualify for this loan, you will be able to receive the maximum amount of funding that can be given through the Perkins Loan. Perkins Loan applications can be filed on the Internet or through traditional loan application papers which can be located through participating schools and in other such locations. Perkins Loan application filing will not require you to have a cosigner, so you can file whenever the best time is for you. However, it is always wise to remember that filing for the Perkins Loan early in the year is the most ideal time if you are really serious about receiving funding from this government loan type.
Are there any student loans that are not credit based besides Stafford loans?
The only other loan that is not credit based is the federal perkins loan that you apply for when you apply for FASFA.
Can you convert a stafford loan to a perkins loan?
No.
Where can one find federal college loan consolidation?
One can find Federal College Loan Consolidation at several facilities of the Federal College Loan Consolidation located at different outlets of Federal College Loan Consolidation.
What is the difference between a Perkins and a Stafford loan?
Stafford Loans are Title IV Federal debt. They are the most common student financial aid loans-they are GSL's (Guaranteed Student Loans) that are backed up by a federal guarantor. Default will lead to severe penalties and you are subject to Administrative Wage withholding (no judgment needed) and having state & Federal tax interception- SSI & SSID are subject to garnishments as well. They are non dischargeable through bankruptcy. There are many government programs to assist if default occurs. Perkins loans are Federal but are actually backed up by the University. They are granted when additional financial Aid is needed and they are low interest compared to Stafford. There are similar default penalties however they will not garnish paychecks or take Federal taxes. Defaulting on a Perkins Loan: If your Perkins loan has defaulted, the only option you might have (aside for paying the loan in full) is consolidating the loan with another federal loan. This will most likely increase the interest rate on your Perkins loan. When you submit a request for consolidation, you must specify that it is an add-on loan, and your lender is the school that you borrowed from. Government programs such as a 9-month rehabilitation program will not work for this loan, so as you continue making payments to a collection agency, the loan will remain in default and will not be updated on your credit report as being in good standing, until paid in full or consolidated as an add-on.
