Financing Your Education - Federal Perkins Loans
Page 2

Unlike other federal loans though, the Federal Perkins Loan is made available to the student through the financial aid office of their institution. This means that rather than borrowing from the government or a commercial lender, the student is lending from the school and the loan is made with government funds. While it was made with government funds, the student still pays back the school. Schools can provide the students the money by issuing a cash or check or applying the sum directly to the student account at the school.

To be eligible for the Federal Perkins Loan Program the student is required to be a United States citizen or an eligible non-citizen (this means those with an Alien Registration Card or those with a Arrival Departure Record with specific designations). The student must also be accepted for enrollment into an eligible institution of higher education.

Depending on the need of the student and how much they are assigned designated by the institution, a Federal Perkins Loan limit is at $4,000 for undergraduate students that are attending the institution and $6,000 for graduate students. This is set, unless reasonable study abroad costs exceed the cost of attendance at the home institution, at that point the student can receive up to 20% more to pay for the extra cost that may be encountered in that particular situation.

As long as the student maintains half-time status they have nine months after the date that they either graduate, drop below half-time student status or leave school before they need to start thinking about the repayment of their student loans. This period that the student gets before having to start paying back their loan is called the grace period. Students may be allowed up to 10 years to repay their Federal Perkins Loan.



Financing Your Education - Federal Perkins Loans
  Back to Page 1

About The Author The author edits a site featuring Educational Grants and another Government Grants site providing info on every grant the federal government offers. Michael Saunders has an MBA from the Stanford Graduate School of Business.

Additional Resources

category - Education Grants

Educational Grants - Financing Your Education with State Assistance
The Leveraging Educational Assistance Partnership (LEAP) provides grants to States that can be used in financial assistance programs to help support eligible postsecondary students.

---

Summer Seminars and Institutes Program
The National Endowment for the Humanities has recently established the Summer Seminars and Institutes Program wherein it aims to provide support to faculty development programs in the field of the humanities for school, college, and university teachers.

---

Education Grants for Students Interested in Teaching Careers
Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) assist those undergraduate and graduate postsecondary students that agree to teach specific and specific subjects that are in high need at schools that primarily serve disadvantaged populations.

---

SMART Grants - Educational Grants for the Student of Math, Science and Languages
National Science and Mathematics Access to Retain Talent (SMART) Grants assist those undergraduate postsecondary students that major in foreign languages or certain designated technical fields. Financial grant assistance is provided on need-basis to help these students meet their educational expenses.

---