You may have heard of the “Perkins Loan,” but do you actually understand what they are and the benefits offered? The Perkins Loan Program offers federal student loans with low interest rates to both undergraduate and graduate students who can prove they have exceptional financial need. You must also be enrolled full-time or part-time in a school that participates in the program.
A few important tidbits about Perkins loans include:
- The primary criteria for qualifying for this type of student loan is to demonstrate exceptional financial need
- The amount of your loan is determined according to your financial need and the availability of loan money at your particular school
- The interest rate is 5%
- Not all colleges and universities participate in this loan program, so it is important to research whether or not your school participates
- The lender of a Perkins loan is the school you are attending, so you make your loan payments directly to the school where you obtained the loan
- If you encounter problems repaying a Perkins loan, you must contact the school where you obtained the loan to request forbearance or deferment
It is important to submit your application for a Perkins loan as early as possible to help ensure you are considered for it. There are many applicants for this type of loan, so not everyone who is qualified to receive it will be given the loan since each school has a set amount of funds.
The maximum amount an undergraduate can borrow is $27,500. A graduate or professional student can borrow a maximum of $60,000, including the amounts borrowed as an undergraduate.
If you would like to learn more about the Federal Perkins Loan Program or any other student loan law matter, we can help.
If you are considering filing for bankruptcy protection or you need assistance with your student loans, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual +attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phone inquiries are always welcomed. Find us on the Internet and on Facebook.