The Perkins Loan is considered one of the best federal student loans available because of its low interest rate and nine-month after school grace period. The Perkins loan fund is limited and awarded on a first-come first-served basis.
- Perkins Loans are available for undergraduate students with financial need as determined by the FAFSA.
- Students may receive up to $4000 a year depending on fund availability.
- Repayment plan is 10 years with a minimum monthly payment of $40.00.
- Government pays the interest on behalf of the student while in school and during the nine-month grace period.
- There are no loan fees.
- The interest is fixed at 5% for the life of the loan.
- Loan-forgiveness provisions apply for students in certain professions who meet qualifications.
