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The Federal Perkins Student Loan, better known as simply the Perkins loan, is a low-interest student loan for individuals determined to have "exceptional" financial needs. The Perkins loans are serviced by the U.S. Department of Education. The Perkins loan may be used to cover educational expenses related to undergraduate and graduate education at an American college or university. The loan program was established in 1965 and is named after the former U.S. House of Representative, Carl D. Perkins. The Perkins loan is one of the student loans available with the best conditions offered.
Eligibility for a Perkins LoanIn order to be eligible to receive a Perkins loan, a borrower must be a U.S. citizen, permanent resident, or eligible non-citizen. In addition, the borrower must be enrolled in an eligible institution at least half-time in a degree program, must have satisfactory academic progress, and must have no unresolved overpayments or defaults owed on Title IV education grants and loans. In addition, the borrower must show "exceptional" financial need. Advantages and Disadvantages of a Perkins LoanThere are several advantages to borrowing a Perkins loan. Perkins loans have a fixed interest rate of 5% during the ten year repayment period. In addition, Perkins loans, as a form of subsidized loan, do not accrue in interest while the borrower is in school. Perkins loans also provide a nine month grace period and do not have any related loan fees. Loan cancellation is provided for teachers who serve in low income schools or teach math, science, or bilingual education as well as for volunteers with the Peace Corps. The only real downsides to the Perkins loan are that the interest rate may not be as low as the lowest possible private loan interest rate and that Perkins loans do not offer "repayment incentives" that some private loans do. However, those who are eligible for Perkins loans will likely not have the financial credit score necessary to obtain a low interest private loan. Thus, if a borrower is able to obtain a Perkins loan, it is probably the best available financing option.
What else can I help you with?
When do student have to begin paying back the Perkins loan?
9 months
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.
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.
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.
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.
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.
Can you convert private student loans to Stafford Loan Program Federally Insured Student Loan Perkins Loan Auxiliary Loans to Assist Students Supplemental Loans to Students William D. Ford?
No. Why would the government want to insure or subsidize a private 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.
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.
What is a Perkins loan and what is a Stafford loan?
From the research that I have done I have found that they are both student aid loans. The Perkins loan is mainly based on need, where as the Stafford loan is one that almost anyone can apply for. You can find out additional information on these loans either online or by speaking with your admissions officer.
Can you convert a stafford loan to a perkins loan?
No.
Applying for National Education Loans?
As the cost of tuition continues to increase, many families and students are taking out student loans to pay for education expenses. Federal student loans are available to undergraduate and graduate students. A student applies for a federally guaranteed student loan when completing the FAFSA. The student's school informs the student of the amount of financial aid awarded from the federal government. The loan amount is automatically applied to a student's account. Student loans must be repaid.Direct LoansThe federal government offers eligible students the opportunity to receive subsidized and unsubsidized loans under the Stafford Loan Program. Students who take out subsidized loans do not have the interest accrue until the student is no longer in school, and after the deferment period ends. The interest on an unsubsidized loan accrues while the student is in school. The amount of money a student can receive as a subsidized or unsubsidized loan depends on the student's classification and financial need.Perkins LoansSome students who cannot meet all of their financial obligations after receiving subsidized and unsubsidized loans may qualify for a Perkins loan. Students must be financially needy to qualify for a Perkins loan. The interest on a Perkins loan is low. In contrast to the Stafford Loan, the student's school functions as the lender for the Perkins loan. The amount of the loan is typically divided into two parts and applied to a student's account in the fall and spring semesters.Private LoansIndividuals who do not qualify for a federal loan can apply for a private loan with a national lender. Private loans can also help an individual bridge the gap between the cost of tuition and the amount of money received in federal financial aid. The amount of interest charged for private student loans is typically higher than the interest for taking out a federal student loan. Approval for a private loan is typically credit-based. Many lenders require students to apply using a co-signer with good credit to be approved for a private student loan.
