Many people are aware of "Perkins Loans," but few know what they are and the benefits they offer. The Federal Perkins Loan Program offers low-interest federal student loans to undergraduate and graduate students. To qualify for a Perkins loan, you must demonstrate that you have exceptional financial need and that you are enrolled in a participating school full-time or part-time.
Below are a few of the key factors regarding Perkins loans:
- This type of student loan is only available to students with exceptional financial need
- A 5% interest rate is applied to Perkins loans
- Only certain universities or other schools participate in the Federal Perkins Loan Program - if you are interested in this type of loan, you should verify that your school is a participant in the program
- The school you are attending is the lender of this type of loan, so you repay the loan by making payments directly to the school that distributed the loan (or the school's loan servicer). This also means that if you encounter problems repaying your Perkins Loan, you must contact your school where you obtained the loan to inquire about forbearance or deferment options.
- The amount of your loan depends upon your financial need and the loan money available at your school
If you believe you may qualify for a Perkins loan, you should apply for this type of federal aid as early as possible to ensure you are considered for it. Not everyone who qualifies to receive this type of funding will get it, due to the limited funds available at each school.
If you are an undergraduate student, the maximum amount you can borrow is $27,500. If you are a graduate or professional student, the total amount you can borrow is up to $60,000, but this amount includes the amounts borrowed as an undergraduate.
If you have questions regarding the Federal Perkins Loan Program, we can help.
Please keep in mind that every matter is different. If you have questions about your student loan debt and you would like to schedule a no-cost consultation to discuss your options, please contact our office by completing the form on this website or calling us at (954) 516-2566.