Apply for a Perkins Student Loan Online

How to Get a Perkins Student Loan

What it is

At a Glance
Loan Type:	Education
Lender:	Government
Secured:	No

A Perkins student loan is a loan provided to student through a Federal Perkins loan program. It is a low interest loan at five percent for both undergraduate and graduate students who demonstrate exceptional financial need. The loan is made with government funds and funds contributed through the education institution of the applicant. This loan must be repaid to the school, but not to the government.

The amount of the Perkins student loan is determined when a student applies according to the level of financial need and the funding level of the school. Students can receive $3,000 for each year of undergraduate study, up to a maximum amount of $15,000. Students, who choose to continue their education, can receive $5,000 for each year of graduate or professional study. The total amount that can be obtained for graduate or professional study is $30,000, which includes any amount borrowed as an undergraduate. Charges are applied for skipped, late, or short payments. Perkins loans need to be paid within 10 years of graduation.

Who it's for

Perkins student loans are for people attending post-secondary education who demonstrate exceptional financial need. These are people who cannot fund their education through traditional channels of financing, including bank loans, savings, or employment earnings. The loan has a low interest rate and the part of the loan supplied by the education institution must be repaid. This loan is for people who need the money and may not be able to pay back all of it after graduation.

What you need to do to apply

Students applying for education consolidation loans need to go through proper approval channels. This means providing financial and personal background, information about intended education, proof of registration at an academic institution, a credit check and demonstration of financial need.