The Federal Perkins Student Loans Program provides low-interest loans to help needy students finance the costs of postsecondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. However, recipients of Federal Pell Grants receive priority for Perkins Loans.
What Are the Terms of the Federal Perkins Student Loans.
A Federal Perkins loan is a low interest (5%) loan. The maximum amount for the Federal Perkins Student Loans to an undergraduate student is $4,000 per year, up to a total of $20,000 over the course of an undergraduate program. For graduate students, the max amount is higher at $6,000 per year and $40,000 over the course of the graduate studies.
Perkins loan qualification requirements
- Enrollment in an eligible school at least half-time in a degree program
- U.S. citizenship, permanent residency, or eligible non-citizen status
- Satisfactory academic progress
- No unresolved defaults or overpayments owed on Title IV education loans and grants
- Satisfaction of all Selective Service requirements
The U.S. Department of Education provides a programmed amount of funding to the school. In turn, the school determines which students have the greatest need. The school combines federal funds with some of its own funds for loans to qualifying students.
If you're offered a Federal Perkins Student Loan, you'd be wise to take the full amount you are eligible for. With a low interest rate of 5%, a Stafford Loan, private loan or any other loan product won't be able to compete. There are also grants and work study programs that prospective students will want to check out.
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