Thursday, March 26, 2009

Federal Perkins Loan

by Jenny Sutton

The Federal Perkins loan is one that can be obtained from your own school. It has a low interest rate and is available for both undergraduate and graduate students. This particular loan is from your school, but it comes from government funding.

Undergraduates are able to borrow $4,000 per year of study, with a maximum of $20,000 during their undergraduate career. Graduates are allowed to borrow $6,000 per year. The maximum a graduate student can borrow is $40,000. For some students, they will have both undergraduate and graduate Federal Perkin Loans.

There are a few different ways of repayment, but it is crucial to understand some of the details. Federal Perkin Loans do not require repayment until after nine months past graduation. Although you have nine months, it is only for students going to school more than half time. Details are important to pay attention to so no monthly payments are missed.

Federal Perkin Loans are useful for students needing extra financial aid. Being a government loan, there is a low interest rate in order for students to reach their educational goals.

Perkins Loans

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