What is a Perkins loan?

Answer:

A Perkins loan is a type of federal student loan based on financial need. 

Perkins loans are available to undergraduate, graduate, and professional students. A Perkins loan is a subsidized loan, meaning that the federal government pays the loan’s interest while you are in school.

How do I apply for a Perkins loan? 

You can apply for a Perkins loan by completing the Free Application for Federal Student Aid (FAFSA) at https://fafsa.ed.gov. Not all schools participate in the federal Perkins Loan Program, so check with your school’s financial aid office to see if your school participates. 

How much can I borrow? 

Your school’s financial aid office determines the amount of your Perkins loan. The Department of Education’s Federal Student Aid website has the most up-to-date information on Perkins loan limits.

 What do I need to know about repaying my Perkins loan? 

Unlike other federal loans, your school is the lender for Perkins loans. This means you will work with your school or a company hired by your school to repay these loans. Once you start to repay your Perkins loan, you may have a different loan servicer for this loan than the rest of your federal loans. You will typically start paying back your loan nine months after you graduate or drop below half-time enrollment in school. The longest repayment term for Perkins loans is 10 years.

If you’re not sure if you have a Perkins loan, find out by signing into the National Student LoanData System

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