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Key takeaways. You may be able to get out of debt without paying based on factors like your total debt, type of debt and income. Several programs are available to help forgive student loan debt ...
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 loan is subject to a repayment interest rate of 7.6% over the course of the loan. [22] Federal Perkins Loan program are repayment plans available to undergraduate and graduate students who have demonstrated exceptional financial need and attended college or career school. The loan is subject to a fixed interest rate of 5%. [23]
Unlike ICR, Parent PLUS Loans cannot be consolidated into a consolidation loan to qualify. [2] Borrowers with Federal Family Education Loan (FFEL) Program loans and Federal Perkins Loan Program loans may become eligible for the ICR, Pay As You Earn, and Revised Pay As You Earn plans by consolidating them into a Direct Consolidation Loan. [2]
More: $6 Billion Student Loan Forgiveness Settlement Will Benefit 200,000 Defrauded Borrowers. Bankruptcy. ... You can get your Perkins Loan discharged through bankruptcy, a school closure, death ...
You have old FFEL or Perkins Loans and want to pursue loan forgiveness. You’re having trouble keeping track of your monthly payments. You have a large amount of student loan debt.
Federal Perkins Loan (Perkins Loan) Program: This is a school-based loan program for eligible students with exceptional financial need. Students may qualify for a Perkins Loan of up to $8,000 each year depending on financial need, the amount of other aid received, and the availability of funds at the school.
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