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The Federal Perkins Loan
Many students have the dream to attend college but they do not have the money to do so.? There are many different options when it comes to a student loan.? The Federal Perkins loan is an option that many students select as their student loan option while attending the school of their choice.
What Is A Perkins Loan
A Perkins loan is a student loan that offers a low interest loan for both under graduate students and graduate students who require financial assistance to continue their education.? When you select other types of student loans a bank or another type of financial lending institution will be your lender.? With the Perkins loan the school is your lender.? The reason behind this is that the Perkins loan is created from money that comes directly from the government as well as donations from the school.? When it comes time to pay the payday loans online back you will be paying back the school.
How Much Can I Borrow
There are many different things that are taken into account when deciding how much you will be able to borrow with the Perkins loan.? These factors are what time of the year you are applying for the Perkins loan, what your actual financial need is and the lending capacity of the school.? These factors will determine how much of a loan you will receive.
There are maximum amounts to how much a student can borrow.? For an undergraduate the limit per school year is $4,000 with a total school amount borrowed being at a maximum amount of $20,000.? If you decide to go on to receive your graduate degree the maximum amount is $6,000 per year or $40,000 maximum to receive your degree.
Once you have been approved as a recipient of the Perkins loan depending on the school you are attending you will receive the money in one of two different ways.? The first is that you will receive a check from the school that you can put directly into your personal bank account to use for school costs.? The other is that your school may put the money into your school account.? Any of your school costs will be deducted from the credit that is in your account.? This way it is guaranteed that all loan money will be used only for school purposes.? Usually the Perkins loan will be given in two different payments.? These will be broken up through the school year.
Repayment
It is easy to repay your Perkins bad credit loans.? The repayment period will usually begin about nine months after you graduate from your degree program.? This will give the student a chance to find a job in their choice of education and start earning some money before the payments begin.
The repayment period will also begin if you decide to stop going to school for any reason or is you decide to go to school with less than a part time status.
Conclusion
The Perkins loan is the perfect option for the student who wants to return to school but does not have the financial ability to.? It comes with a low interest rate and an easy repayment plan.? Many students think that this is the best loan option around.
Repaying a Perkins Loan on Time
Related posts:
- All you need to know about subsidized student loans
- How Refund Anticipation Loan works ?
Source: http://www.askinz.com/blog/repaying-a-perkins-loan-on-time
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