The Perkins loan is a federal funded loan that both undergraduate and graduate students can apply for showing extreme financial need. The loan administration is unlike the Stafford Loan or the Parent PLUS loan, the Perkins loan is administered through your schools financial aid office. The school in turn is funded by the Federal Government with funds made available for the disbursement of the loan.
You will find that the school or university will pay you directly via a check or apply the funds to any outstanding school or university charges. Before we get to the application process, do remember that the maximum limit for a Perkins Loan to an undergraduate student is $4000 for each year of undergraduate study with a total maximum of $27000 and the maximum limit for a graduate student each year is $8000 with a total maximum for all years limited to $60000.
How Do I Apply For A Perkins Loan?
Now to the actual application process. The Perkins Loan application, like application for any other kind of federal financial aid, begins with the submission of the Free Application for Federal Student Aid (FAFSA). This is the start of the application process and the FAFSA application aims to assemble your family’s financial information in a way that helps determine and assists in the actual calculation of financial need. The loan amount you are approved for are based on the FAFSA application since it states the exact nature of your current finances and need.
When Do I Apply For A Perkins Loan?
Remember that the Perkins Loan is processed through the financial aid office at your college or university. It is advisable to submit the FAFSA as early as possible, but not before January 1st of the year you are planning to start college. You have the choice of applying online and in my opinion this is better as the help and instructions available online are elaborate and walks you through the process. Apart from the ease, the loan application process is quicker as well and the response to your Perkins loan application is also quicker. If you infact decide to apply for your Perkins loan online, do remember to print yourself a copy of the loan application for your records.
Once you’re done with your FAFSA, you will be given a Student aid report (SAR) which will tell your expected financial contribution (EFC) and also finally declare whether you are eligible or not. Once your college goes through your FAFSA and offers you a package of financial aid that will include Perkins Loan, you may have to fill out a Perkins loan application.
Finally do note that the Perkins Loan does not carry any guarantee and is approved only for students that have demonstrated extreme financial need in their FAFSA application. Also remember that there are no charges or any kind of origination fees for the Perkins loan.
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