Perkins Loan: How to Get a Federal Perkins Loan

How to get a Perkins loan is as easy as filling out a FAFSA or Free Application for Federal Student Aid. The Perkins loan is a federally funded educational loan program that is offered to students with financial need. Because of this, not every student will qualify for a Perkins loan. In general, Perkins loans are granted to students whose household income is about $25,000 or less per year.
However, yearly incomes outside of this guideline are regularly considered, so students seeking money for college in the form of a Perkins loan are encouraged to apply even if their household income is higher.

In order to apply for a Perkins loan, a student needs only to fill out a FAFSA, which is available at more than 4,000 schools nationwide. Information that must be included as part of the Perkins loan application process includes both the student’s and the parent’s (if student is in a dependent status) financial and asset information. In some cases, supporting documentation must be included with the Perkins loan application, so students and parents should be prepared to gather and submit such materials, which often includes tax and investment documents.

Students must be enrolled at least half-time in order to qualify for the federal Perkins Loan. Additionally, a student must not be in arrears on any type of federal loans or owe a refund of federal grant money. Students may also be required to provide documents that confirm their US citizenship.

Perkins loans offer exceptional benefits and features not found with other types of federal educational funding. This includes an extremely low, fixed rate of interest at just 5%, and the ability to have the entire Perkins Loan or portions of it forgiven as part of several government teacher-reward programs, or when the student is performing public service or active duty military service. To find out if you qualify for the Perkins loan, simply contact financial aid officials at your school or fill out a FAFSA online.

Are you having trouble making your student loan payments? Consider a PLUS loan rehabilitation