The Federal Perkins Loan Program is a low interest loan to cover postsecondary educational expenses for college students in need of financial assistance. While Carl Perkins Loans in colleges and universities are under campus administration, the funding derives from the U.S. Department of Education. Students can find Carl Perkins Loan applications in the financial aid office of their school. scholars wondering how to apply for the Perkins Loan Program will first need to verify that their school participates in all federal student aid programs. Eligibility for the Federal Perkins Loan Program is dependent on financial need and applicants must qualify to take advantage of the subsidized loan. To learn more about the Carl Perkins Loan, select from the following topics:
- Eligibility for a Carl Perkins Loan
- How to apply for the Perkins Loan
- Repayment of the Federal Perkins Loan Program
Learn How to Qualify For A Carl Perkins Loan
Although the Federal Perkins Loan Program is available for both undergraduates and graduates, the school must be a participating institution for a student to be eligible. Likewise, funds for Carl Perkins Loans in schools are not equal and some locations may have more to offer applicants than others may. Carl Perkins Loan application officials consider the financial requirements of students applying when distributing available Perkins funds and may only select candidates with an exceptional need. Students enrolled in colleges that do not participate in Perkins loans or have limited funds can download our free guide with information about other financial assistance programs.
Students interested in completing the Carl Perkins Loan application can have an enrollment status of either full- or part-time. Like other federal loan programs, applicants must be U.S. citizens or eligible noncitizens, such as a U.S. national or permanent resident. Ineligibility for the Federal Perkins Loan Program can include convictions of possession or sale of illegal substances. Eligibility for Carl Perkins Loans in depends on both students’ needs and available funding, so students should speak directly with the school’s financial aid office to discover the specific eligibility requirements for financial aid.
Find Out How to Apply for the Perkins Loan
The Carl Perkins Loan application is available by utilizing the Free Application for Federal Student Aid (FAFSA) either online or by submitting a paper application. Carl Perkins Loans in follow the same application procedure as other federal student aid. The process of how to apply for the Perkins Loan Program requires information about students’ personal and financial situation. Applicants are required to furnish demographic information about themselves as well as their parents, if a dependent. When male petitioners apply for the Federal Perkins Loan Program, in addition to other federal student aid programs, the U.S. Department of Education requires some candidates to register also with the Selective Service System. Students must apply for Carl Perkins Loans in before deadlines.
Repayment of the Federal Perkins Loan Program
Carl Perkins Loans in and other states have a low interest rate of five percent. One of the main benefits of the Federal Perkins Loan Program is that it is a subsidize loan, which means that interest does not begin to accumulate until six months after graduating, withdrawing or dropping below part-time enrollment in school. The Carl Perkins Loan application does not have any fees, as it is a part of FAFSA, nor does the loan have additional charges besides the interest rate. However, there may be a late charge and collection costs for failure of repayment. Students who opted for work assistance or work-study programs may have already started paying back loans.
The maximum amount borrowed through the Federal Perkins Loan Program is currently $5,500 per year up to $27,500 total for eligible undergraduates. Graduate applicants can borrow up to $8,000 annually with a total not exceeding $60,000. Students must start repayment of the Carl Perkins Loans in after nine months of graduating, leaving school or dropping below part-time, according to the institutes standards. However, recipients should consult the financial aid office of the college or school to clarify the grace period for loan repayment. schools disburse funds from the Federal Perkins Loan Program to apply directly to students’ tuition and expenses. Recipients, therefore, must may make repayments back to the institute or the separate organization that handles loans for the school. To find out more information about financial assistance for college students, download our comprehensive guide here.