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Perkins Loan
Federal Perkins Loans are low interest (currently 5%), long term student loans that are awarded by the college based upon need. You do not need to pay principal or interest on the loan while you are in school. Once you have graduated or dropped out of school you will have a grace period of 9 months before you actually need to begin repaying the loan.
The college financial aid office determines if a student can get a Perkins loan and for how much. Perkins loans are federally funded and are awarded by the college based on need. You should remember to keep the school informed of any address or phone number changes. Any requests to delay repayment must be made to the school. They will work with you to avoid any problems as long as you keep in touch.
Repayment can be as long as ten years with payments as little as $40.00 per month. The amount you actually pay each month would vary depending upon the size of your debt and length of your repayment period. The maximum you can borrow per year of undergraduate study is $3,000. The total amount you can borrow as an undergraduate is $15,000. For graduate students, the maximum is $5,000 per year of study. The total amount you can borrow as a graduate/professional student is $30,000 (this includes any Federal Perkins loans you borrowed as an undergraduate).
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