Needy undergraduate students may qualify for up to ,500 in Perkins loans each year; with a cumulative maximum borrowing limit of ,500, over the course of a student’s college career.
Graduate students qualify for up to 00 annually, with a lifetime borrowing threshold of ,000.
Perkins Loans are packaged with a 5% interest rate and a 9-month grace period.
As long as you are enrolled in college at least half time, your loan interest does not accumulate.
Although the country is dotted with over 1,700 participating institutions of higher education, it is important to consult individual campus financial aid offices for specific program information.
The amount of funding available at any given school is strictly based on the financial resources in that particular college’s Perkins account.
When you submit your FAFSA, be prepared to identify your potential college destinations.
Each designated school receives a copy of your SAR, allowing them to craft custom financial aid packages that tap their own campus-based programs.Your Perkins Loan promissory note binds you to the contract, so failing to follow through with scheduled payments has devastating credit consequences.Your loan may be administered by a student loan servicing company.For limited-credit college students, federal loans present attractive borrowing options, because Perkins and other government loans are not dispensed based on credit worthiness.Regardless of your credit history , you may be approved for Perkins loans.Perkins Loans are federally guaranteed student borrowing options that are administered jointly by the U. government and individual colleges and universities. The low-interest, long-term loans target students with serious financial hardship.