Perkins Loan
Perkins loans are low, fixed interest rate loans given directly to students in particular need of financial assistance. Your school acts as the lender and credits the loan directly to your student account. Schools only receive a limited amount of Perkins funds from the government each year, so it's in your best interest to apply as early as possible to be considered for a Perkins Loan.
Am I eligible?
Perkins loans are for undergraduate, graduate and professional degree students who demonstrate exceptional financial need. Anyone my apply for the loan, but they will be awarded to those deemed to have the greatest financial need.
How much can I borrow?
According to the U.S. Department of Education's 2007-08 Guide to Federal Student Aid, undergraduates can borrow up to $4,000 per year, while graduate and professional degree students can borrow up to $6,000 per year.
Where can I spend the money?
You can use Perkins loans to pay for tuition and education-related expenses, such as books and housing.
Interest Rates and Fees
Perkins loans have a 5 percent fixed interest rate. There are no additional fees.
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Now that you've read Perkins Loan | Understanding Perkins Student Loan, learn about applications on the next page, FAFSA Application | How to Apply for Student Loan.