Federal Perkins LoanA Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students showing exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. Ther school is your lender, but the loan is made with government funds. You actually repay this loan to your school. It may vary, but generally your school will either pay you directly (usually by check) or apply your loan to your school charges. You receive the loan in at least two payments during the academic year. You can borrow up to $4,000 for each year of undergraduate study (the total you can borrow as an undergraduate goes up to $20,000). The amount you receive depends on when you apply, your financial need, and the funding level at the school. There are no other charges for this loan. Be aware though, if you skip a payment, if make a late payment, or you make less than a full payment, you mayt have to pay a late charge penalty plus any collection costs. If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repaying this loan. If you're attending less than half time, you need to check with your college or career school to find out how long your grace period will be.
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