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Perkins Student Loans

Federal student loans are the best funding source for your educational programs. Many students across the country apply for federal loans to help fund their studies. Federal loans offer low interest rates and great repayment options as compared to private loans. Perkins student loans are a type of federal loan that is disbursed by the government. The Perkins loan is given to students who are in a critical financial crisis and cannot afford higher education. The Perkins loan is disbursed depending on the level of education; typically the amount of loan given ranges form $4000 to $6000 for each academic year.

Application and eligibility

To apply for Perkins student loans you must submit a FAFSA application. This form evaluates you current financial position, the information collected through the FAFSA helps the government decide how much loan should be disbursed to you. FAFSA application forms can also be submitted online. To be eligible for Perkins student loans you must be a US citizen, you must be in need of financial help, you must register with the selective service if you are a male aged between 18 and 25. You must maintain a satisfactory academic performance, and you must have applied for enrollment in a degree program. In case you are a international student, you must provide proof that you are residing with a citizen with US citizenship.

Advantages of Perkins student loans

Perkins student loans have a low rate of interest. The major objective of this program is to help students acquire higher education and not be burdened by roof touching interest rates. The interest rate is approximately 5% and may vary slightly due to market factors. The government pays a part of the interest rate to keep them low and affordable for many students. Another key feature of the Perkins loan is that it offers great repayment plans to students. You can delay your payments till you are employed and have acquired a regular source of income. There are also deferment options available to those undergoing an unexpected financial crisis. On the other hand, if you are in the teaching profession or have served in the military, you are eligible for Perkins student loans cancellation program.