Federal Perkins Loan

Federal Perkins Loan

The Federal Perkins Loan used to​ be known as​ National Direct Student Loans (NDSL). This loan is​ the​ regarded as​ the​ best of​ the​ federally subsidized loans,​ and is​ given to​ students who are in​ high financial need. Currently,​ the​ interest rate is​ at​ a​ low 5%.

Perkins loans are made to​ students and do not require a​ parent to​ cosign. the​ student is​ required to​ begin repayment after they graduate,​ leave college,​ or​ qualify for half-time student status. Interest on​ these loans does not accrue during the​ time the​ student attends college,​ and students are given up to​ ten years to​ repay the​ entire loan amount. Repayment begins nine months after the​ student graduates or​ drops below half-time student status.

The money for Perkins loans comes from the​ government,​ but is​ administered by colleges’ financial aid offices. the​ maximum annual loan for undergrad students is​ $4,​000 at​ most schools,​ and the​ most a​ student can borrow is​ $20,​000 total.

Perkins loans can be discharged (canceled) in​ whole or​ in​ part if​ the​ student enters employment at​ certain jobs,​ which include:

- Full-time teacher in​ low-income areas
- Full-time special education teacher
- Full-time math or​ science teacher,​ or​ teacher of​ any other subject with shortage of​ teachers
- Full-time nurse or​ medical technician
- Full-time employee of​ a​ child or​ family-service agency in​ low-income area
- Full-time law enforcement or​ corrections officer
- Full-time Peace Corps volunteer

You Might Also Like:

No comments:

Powered by Blogger.