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Perkins Loans

The U.S. Department of Education provides money to schools, and the schools provide Perkins loans to the students with the greatest financial need. This type of loan has the best interest rate of all government-sponsored loans and has no additional fees.
 
Am I eligible?
You may be eligible if:
  • You’re an undergraduate or graduate student
  • You’re working toward a degree at an school that offers Perkins loans
  • You’re enrolled at least half-time
  • You’re a U.S. citizen or an eligible non-citizen
  • You have a serious financial need (as determined by the FAFSA)
How much can I borrow?
  • If you’re an undergraduate student, you can borrow up to $5500 [ref: studentaid.ed.gov} a year under the Perkins loan program (and up to $27,500 in combined total loans)
  • If you’re a graduate student, you can borrow up to $8000 a year under the Perkins loan program (and up to $60,000 in combined total loans)
  • You can reapply every year you’re in college.
When do I need to start repaying the loan?
  • You don't need to start paying back the loan until 9 months after graduating, leaving school (without graduating), or attending school less than half-time.
  • You have up to 10 years to repay the loan.
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