Articles About Finance And Refinancing

Looking For a Low Interest Loan- Try the Perkins

Perkins Loan Overview: The US Department of Education gives a specified amount of money to each college or university. These colleges and university then give out the money in what is called a Perkins Loan.

Eligibility: In order to receive the Federal Perkins loan, students must meet certain requirements. Among these requirements are: being a United States citizen or permanent resident, enrolling in school no less than half time and an accredited school.

Undergraduate and graduate students alike can apply for the Perkins Loan. The Perkins Loan is a wonderful option for students who are in great financial need because it only has an interest rate of 5%. In addition to that, the government will pay the interest while the student is in school and during a 9-month grace period after graduation.

How to Apply: To apply for a Perkins Loan the student must submit a free application for Federal student aid (FAFSA). This can be done at FAFSA.com. Whether or not the student receives a Perkins loan will be based on the time in which they apply, their school's funding capacity, and their degree of financial need. Their school will determine which students have the greatest needs.

Once a student is given a loan, they are obligated to maintain it. To do this the student has to show academic improvement.

How Much Can I Borrow?: If you are an undergraduate you are able borrow up to $4,000 a year and $20,000 in all. Graduates are permitted to borrow up to $6,000 per year and $40,000 in all.

When You Have Been Given the Loan: As soon as you are granted a Perkins Loan, your college or university will send you a check in the mail or directly deposit it into your school account. The Schools will typically make two installments per academic year.

You will not be charged any fees for the Perkins Loan unless you pay late, miss payments, or only give partial payments.

To summarize, the Perkins student loan is a low rate loan given to students via their individual colleges or universities. Undergraduates may borrow up to $4,000 per year and interest is not paid by the student until nine months after they have graduated.

NOTE: Use of this article requires links to be intact.

A college student herself, Elise Fisher loves writing articles for her website About Student Loans. Don't miss the Federal Student Loans page.

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