student Loans - The Perkins Loan

Perkins Loan - student Loans - The Perkins Loan

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How can you apply for a Perkins loan?

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Perkins Loan

In order to apply for a Federal Perkins Loan you need to perfect a Free Application for Federal trainee Aid (Fafsa) and a devotee Promissory Note (Mpn). The Mpn is a legally binding document showing the borrower owes debt to a school. The note includes facts about the interest rate on the loan, the repayment plan and minimum rates of repayment; circumstances for deferment and forbearance, cancellation provisions; reputation bureau reporting; late charges, attorney fees, collections costs, and default consequences.

The Perkins program includes the Federal Perkins Loan, National Direct Stu­dent Loans (Ndsls) and National Defense trainee Loans (Dl). No new Dls were made after July 1, 1972, but there are some still in repayment. A Perkins trainee loan must be used only for educational expenses.

What students are eligible?

This program is for students in financial need in order to help them finance postsecondary schooling at low interest rates (the interest rate for Pls and Ndsls is 5% per year).

What are the maximum loan amounts?

The annual limits are ,500 for undergraduate students and ,000 for graduate students. The aggregate maximum loan is ,000 for undergraduate students (Grade levels 1&2), ,500 for undergraduate students (Grade levels 3&4) and ,000 for graduate students.

Who is the lender?

Perkins trainee loans are given out by the almost 1,700 participating postsecondary institutions. The school's loan fund is replenished by collections on outstanding loans made and reimbursements from the Us division of schooling for expenses in relation to sure statutory loan cancellation provisions.

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