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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 .
These federal loans, although unsubsidized, are far superior in interest rate and repayment terms to private student loans. 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 ...
Perkins Loan Cancellation Program Until 2017, the Perkins Loan Program offered low-interest rate subsidized loans to undergraduate and graduate students with extreme financial need.
Direct Loans, Direct PLUS loans, Direct Consolidation Loans (loans made to parents are ineligible); FFEL, FFEL Plus, FFEL Consolidation, and Perkins Loans if consolidated Repayment term 20 years
The three-year repayment rate for each school that receives Title IV funding is available at DOE's College Scorecard. [96] This number may be a poor indicator of the overall default rate: some schools place loans into forbearance, deferring loans beyond the three-year window to present a low default rate. [97] [98]
Several programs are available to help forgive student loan debt, such as income-driven repayment plans, Public Service Loan Forgiveness, and Perkins Loan Cancellation.
One way that has been suggested to help students with loan repayment is to lower interest on balances. U.S. Senator Richard Blumenthal urged, "We must reduce the student loan interest rate back to 3.4 percent immediately, and then even lower, and develop ways for past students to reduce and erase the $1 trillion in existing debt. The failure of ...
Federal Family Education Loans (FFEL) Federal Perkins Loans. Qualifying payments. To be eligible for PSLF, you need to make at least 120 qualifying payments toward your student loans. Typically ...