Perkins
Student Loan Information:
A Federal Perkins Loan is a low-interest (5 percent) loan
for both undergraduate and graduate students with
financial need. Your school is your lender. The
loan is made with government funds, and your school
contributes a share. You must repay this loan
to your school.
Depending on when you apply, your level of need,
and the school’s funding level, you can borrow up
to:
- $4,000 for each year
of undergraduate study (the total amount you
can borrow as an undergraduate is $20,000).
- $6,000 for each year
of graduate or professional study (the total
amount you can borrow as a graduate/ professional
student is $40,000, including any Federal Perkins
Loans you borrowed as an undergraduate)
No, you’re not charged any fees to take out the
loan. But, if you skip a payment, make a payment
late, or make less than a full payment, you might
have to pay a late charge. If you continue not making
payments as required, you might have to pay collection
costs as well.
Your school will either pay you directly (usually by check)
or credit your account. Generally, you’ll receive
the loan in at least two payments during the academic
year.
Yes. Your school must notify you in writing whenever
it credits your account with your Perkins Loan funds.
The school must send you this notification no earlier
than 30 days before, and no later than 30 days after,
the school credits your account. You may cancel
all or a portion of your loan if you inform your
school you wish to do so within 14 days after the
date your school sends you this notice, or by the
first day of the payment period, whichever is later.
(Your school can tell you the first day of your
payment period.) If you receive Perkins Loan funds
directly by check, you may refuse the funds by returning
the check.
If you’re attending school at least half
time,* you have nine months after you graduate, leave school, or
drop below half time* status before you must begin
repayment (you might have longer than nine months
if you’re on active duty with the military). This
period of time is called a grace period. If you’re
attending less than half
time,* check with your
financial aid administrator to determine your grace
period. At the end of your grace period, you must
begin repaying your loan. You may be allowed up
to 10 years to repay.
|
Total
Loan
Amount |
Number
of
Payments |
Approximate
Monthly Payment |
Total
Interest
Charges |
Total
Repaid |
| $4,000 |
120 |
$42.43 |
$1,091.01 |
$5,091.01 |
| $5,000 |
120 |
$53.03 |
$1,364.03 |
$6,364.03 |
| $15,000 |
120 |
$159.10 |
$4,091.73 |
$19,091.73 |
Perkins
Loans Continued.....
|
