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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