http://www.debts.org/index.php en info@debts.org Copyright 2008 2008-12-01T15:28:00+00:00 http://www.debts.org/11/index/federal_perkins_loan/ http://www.debts.org/11/index/federal_perkins_loan/#When:12:59:01Z Quick link:FAFSA Application form for Federal Perkins Loan.Perkins loans are available through schools for students in financial need. The US Government lends money to the school which then passes it on to select borrowers. Perkins loans present an attractive form of borrowing due to their low interest rate. Perkins Loan EligibilityPerkins Loans are available to students who are:Full-time Part-time Graduate UndergraduateTo qualify for a Perkins loan, you must be a US citizen, national, permanent resident, or have other special status. More... Perkins loans are only offered to people who are able to demonstrate genuine financial need. If you fulfil the criteria and believe your need is significant enough to merit this type of loan, you are advised to apply for a Perkins loan early. Benefits of Perkins loansPerkins Loans advantages include:No credit checkFlexible repayment options (including consolidation) No prepayment penalty A fixed 5% interest rate Subsidized interest while in school Apply for a Perkins loanTo apply for a Perkins loan complete the FAFSA applicaton form as early a possible. How Much Can I Borrow?The borrowing limit of a Perkins Loan depends on your circumstances. Undergraduates may be eligible for up to $4,000 per year and $20,000 over the lifetime of their undergraduate education. Graduate students have a $6,000 annual limit and $40,000 lifetime limit. Whether or not you can borrow the maximum amount offered by a Perkins loan will depend on how your school manages their loan budget. As it is the school that determines awards it may choose to distribute limited resources among a large number of students. Additional InformationYour Financial Aid office is really the best place to go with questions. You can also visit:The Department of Education’s loan pageThe Federal Student Aid Direct Loans site Make yourself at home in our Forum and find out what everyone else in America thinks about student loans. There is also our up-to-date News section for all the latest on personal finance. If you need help finding a provider or would like to review a company, please don’t go without checking out our A-Z directory. Federal Perkins Loan 2008-07-16T12:59:01+00:00