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

Improving Higher Education Quality Program in Vietnam
The United States Agency for International Development Headquarters in Bangkok has recently established the Improving Higher Education Quality Program in Vietnam.

---

A Guide to Student Grants and Scholarships
Colleges and universities can be expensive... sometimes getting accepted into the school of your choice can be the easy part of the educational journey of the new student. It isn't always easy to find ...

---

National Endowment for the Arts: Literature Translation Fellowship 2012
The National Endowment for the Arts has constituted the Literature Fellowship for Translation Projects grant. The grant provides fellowships for published translators as they translate specific works of prose, poetry or drama.

---

Early-Grade Reading Improvement Interventions Program
In line with this mission, the USAID has developed the Early-Grade Reading Improvement Interventions Program wherein they seek to solicit interventions that would improve the reading achievements in the early grades in Latin America and in the Caribbean region.

---