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What is a Perkins Loan?

Kristi Hammond

in Student Loans

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Cynthia Baker on February 27, 2018

A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. A Federal Perkins Loan is made through a school of financial aid office. His school is the institution of credit, and is made with government funds. You must repay this loan. Your school will pay you directly (usually by check) or apply your loan to your school charges. You will receive the loan in at least two payments during the academic year. You can borrow up to $4,000 for each year of undergraduate study, depending on when you apply, your financial need, and the funding level at the school. No, there are No other fees. However, if you skip a payment, if it is late, or if less than a full payment, you may have to pay a late charge plus any collection costs. If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. This is called a "grace period." If you're attending less than half time, check with your college or career school to find out the duration of your grace period. At the end of your grace period, you must begin repaying your loan. Can be up to 10 years to repay the loan in its entirety. Periods of deferment and forbearance (see the next paragraph for more information on these terms) do not count as part of this 10-year period. Your monthly payment amount will depend on the size of your debt and the length of your repayment period. Under certain circumstances, you can receive a deferment or forbearance of your loan. During a deferment, no payments are required and interest does not accumulate. During the forbearance period, your payments are postponed or reduced. Interest continues to accrue, and you are responsible for paying. A Perkins Loan can also be canceled under certain circumstances, such as the death or a total and permanent disability. You may also qualify for having your loan canceled because of the type of work you do after you leave school. If you are going to serve in the army, repayment assistance (not a cancellation, but another way to repay) may be available. For more information, contact your recruiting officer. If you have more questions about Perkins Loans, check with your college or career school you plan to attend. Perkins loans are the type of Federal Loans Family Education (FFEL) program, which offers low-interest loans to students who need funding for their post-secondary education. These loans are offered by the lender of the private institutions, guaranteed by guarantors and reinsured by the government. Perkins Student loans is the programmed amount of loans sanctioned by the government of the united states. However, there are times when a student is late in applying for the loan, so they have to go to the private loans. And the private loans for international students, which becomes easy with no collateral for the loans.


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