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The Perkins Loan was a U.S. government-backed financial aid program initiated in 1958, offering low-interest loans to undergraduate and graduate students with significant financial...
A Perkins Loan is a low interest, subsidized federal student loan, meaning you won’t pay or collect interest while you are in school and during the grace period after you leave school. The Department of Education pays the loan’s interest during that time.
A Federal Perkins Loan, also referred to as a Perkins Loan, was a need-based student loan offered by U.S. Department of Education from 1958 until 2017. [1] Created as part of the Federal Direct Student Loan Program, the Perkins Loan served to assist American college students fund their post-secondary education.
The federal Perkins student loan program expired in 2017, but there’s still $3.7 billion in outstanding Perkins debt. If you have Perkins loans, here are the repayment options — including...
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What Are Perkins Loans? The Perkins loan program was designed for students with substantial financial need. These federal loans were subsidized, so the government covered the accrued interest...
Perkins Loans are federally subsidized loans issued by a school. Since the loans are subsidized, interest on the Perkins Loan doesn’t start to accrue until you’ve begun repayment. Once repayment starts, Perkins Loans have a fixed interest rate of 5% and a 10-year repayment schedule.
This guide will explain what Perkins Loans are, why they were offered and discontinued and what to do if you have an outstanding Perkins Loan in repayment.
Perkins loans are subsidized loans for undergraduate and graduate borrowers with extreme financial need. The loan program was eliminated Sept. 30, 2017, after renewal...
The Perkins Loan, established in 1958, was a U.S. government initiative providing low-interest loans to financially needy undergraduate and graduate students. The program concluded in 2017, leaving outstanding loans totaling $3.7 billion by the second quarter of 2023.