During this grace period, interest does not accrue and no payments are required. Once the grace period is over, the loan will need to be repaid. Perkins Loans are repayable over a period of up to ten years. Skip to main content. Answer these questions to see if you may be eligible for this benefit.
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Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. A Perkins loan was a type of educational financial aid provided through the U. The federal program provided low-interest loans to undergraduate and graduate students who demonstrated exceptional financial need. This need was determined both by the educational institution's own guidelines and by the information provided by the student on the Free Application for Federal Student Aid FAFSA form used to apply for all government loans.
Begun in , the Perkins Loan Program was providing loans to about , students and 1, schools when it expired in September , and final disbursements of funds happened in June Perkins loans were actually granted through the financial aid office of the educational institution the student was attending.
The loan was paid either directly to the student usually by a check or the loan amount was applied towards institutional charges and qualified educational expenses. Technically, Perkins loans were only subsidized by the government—that is, the government paid the interest that accrued on them while the student was pursuing a degree.
The school was the actual lender, and therefore the loan was repaid to the school. The Perkins Loan Program had borrowing limits depending on when the student applied, the student's financial need, and the school's funding level. Other than interest, there were no other fees or charges associated with a Perkins loan. But like all loans, if a borrower missed a payment, or payment was sent in late, they would most likely have been charged a late fee, or collection costs, depending on the lender's educational institution issuing the loan.
Repayment on the loan began nine months after the student graduated, left school, or dropped below half-time status. The federal government ended the loan program due to budgetary reasons because the federal government funded the loans. Those in favor of ending it were concerned about the expense of the loans, but also those who wanted a more streamlined federal student loan program. If you are struggling financially, you may be able to cancel your Perkins loan, depending on your situation.
Because the loan program was only discontinued in , there are still outstanding Perkins loans. Perkins loans must be repaid in a year period but there many ways to pay them off.
Because of these generous terms, accepting a Perkins loan was an excellent way to finance your post-secondary education. Check out Credible for more information on financing your college education. But, we also want you to follow these content guidelines.
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