Federal Perkins loan is a federally sponsored low interest student loan. Any graduate student with exceptional financial requirement can apply for this loan.
The eligibility criteria are first, you must a citizen of the US, a permanent resident or an eligible non-citizen. Secondly, enrollment in a degree program at least half-time is required. Last but not the least a satisfactory academic progress is also required.
In addition to the above conditions, you should not have unresolved defaults or overpayments owed on Title IV education loans and grants. This federal student loan is provided by US Department of Education to schools. It is the imperative of the school to decide which student is eligible or which students have the greatest need for the loan. For the qualifying students, the school may also combine its own fund with the loan to make the amount larger..
You must submit the Free Application for Federal Student Aid (FAFSA) before applying for this loan. The loan will be delivered during your academic year at least in two payments.
You can generally borrow up to $20,000 as an undergraduate. As a graduate or a professional student you can borrow up to $40,000. The interest rates can be as low as 5 percent. Commonly, the repayment period is 9 months post graduation for students attending school at least half time. The grace period can be as long as 10 ten years. This loan can be cancelled in case of the borrower’s demise or permanent disability.
If you want to get more details on various types of student loans, you navigate to the student loans directory on the site map. You can also apply for student loans through this portal.