Federal Perkins Student Loans
What Are Federal Perkins Student Loans?Federal Perkins Student Loans are low interest student loans for undergraduate and/or graduate college students (much like Federal Stafford Student Loans), but the difference being that you can not technically apply for Federal Perkins Student Loans. Federal Perkins Student Loans are awarded as part of a package of Federal, State and other financial aid offered to students who apply for financial assistance to attend college.
These Federal Perkins Student Loans or “awards” are then dispersed to students based on the students need and the availability of student loan funds. The easiest way to think about Federal Perkins Student Loans and the way they work, is basically students apply for financial aid assistance at a particular school or college, the school or college determines which students are in the greatest need of financial assistance, then using some of their own funds along with funds provided by the state and government, to offer those students Federal Perkins Student Loans.
What Makes Federal Perkins Student Loans Different from Other Federal Student Loans?
What makes Federal Perkins Student Loans different from student loans such as subsidized Federal Stafford Student Loans, is that the Federal Perkins Student Loans will be paid out by your college directly, and Federal Perkins Student Loans have a longer grace period and no fees.
How Can I Qualify For Federal Perkins Student Loans?
1. First, you must meet the federal eligibility requirements to receive Federal Student Aid (which encompasses Federal Student Loans). According to the FAFSA website in order to be eligible to receive Federal Student Aid you must meet the certain requirements listed below.
a. Be a U.S. citizen or eligible non-citizen
b. Have a valid Social Security number (unless you're from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau)
c. Comply with Selective Service registration, if required (see www.sss.gov for more information)
d. Have a high school diploma or a General Education Development (GED) Certificate or pass an approved ability-to-benefit (ATB) test.
e. You must not owe a refund on a federal grant or be in default on a federal student loan
f. You must have financial need and display satisfactory academic progress.
g. You must not have certain drug convictions (learn more at www.fafsa.ed.gov)
2. Once you have checked off all the above requirements then you must complete and submit a FAFSA application. FAFSA stands for Free Application for Federal Student Aid, and any college student wishing to apply for any federal student aid (Federal Student Loans) must complete this application at www.fafsa.ed.gov.
3. You must be enrolled at a college, school, or university (as a part time college student or full time college student, but no less, in a degree program).
More on Federal Student Loans...
