Perkins Student Loans
Perkins student loans one of the many kinds of funds that are sponsored by the federal government. These funds are particularly designed for the students who demonstrate extreme financial need. Undergraduate as well as graduate students can apply for this type of financial aid. The rate of interest Perkins loans is fixed 5%. These loans are subsidized, which implies that the government pays the interest on the amount borrowed while the borrowers are enrolled in a program. The amounts one can get in the loan program vary. Undergraduate students can get up to $4000 on annual basis. They total amount they can avail for the complete program can be up to $20,000. Students who want to apply for graduate programs can get up to $6,000 per year and for the entire program, they can avail about $40,000.
To apply for Perkins loans for students, borrowers must meet certain eligibility requirement. They should be a U.S citizen and demonstrate extreme financial need. It is also important for the applicants to hold a high school diploma or GED qualification.
Repayment of Perkins Student Loans
Just like other student loans that are offered by the federal government, the borrowers are required to start returning the amount after completing their education. The repayment starts 9 months after graduation and they can repay the borrowed money in about 10 year time.
Benefits of Perkins Student Loan
Students can avail a number of benefits by getting Perkins student loan. They can get cover for their college tuition through these financial aids that become a very tough task otherwise. The low interest rate and easy payback terms and conditions make Perkins loans a great option for students who do not have the means to pursue their career goals on their own. These loans allow students to concentrate on their studies without worrying about the repayment of their loans as they can start returning the borrowed money after their graduation. Thus they can become qualified professionals and pursue a rewarding career regardless of their limited financial resources.