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Perkins
Loans
The
Perkins Loan is awarded to students with extreme financial need.
The school is the lender, and this is a very favorable type of loan.
All
Perkins Loans are subsidized and the interest rate is fixed at 5
percent. There are no fees associated with the loan and the repayment
period is 10 years.
There
is a $4,000 per year limit for undergraduate students and a $6,000
limit for graduate students. There are cancellation provisions for
Perkins Loans, which means it's possible that you wouldn't have
to pay them back. You may be eligible for loan cancellation if you
work in the following areas:
Full-time
teacher in a designated elementary or secondary school serving
students from low-income families.
Full-time
special education teacher (includes teaching children with disabilities
in a public or other nonprofit elementary or secondary school).
Full-time
qualified professional provider of early intervention services
for the disabled
Full-time
teacher of math, science, foreign languages, bilingual education,
or other fields designated as teacher shortage areas.
Full-time
employee of a public or nonprofit child- or family-services
agency providing services to high-risk children and their families
from low-income communities.
Full-time
nurse or medical technician.
Full-time
law enforcement or corrections officer.
Full-time
staff member in the education component of a Head Start Program.
Vista
or Peace Corps volunteer.
Service
in the U.S. Armed Forces.
Closed
school (before student could complete program of study).
Please
check with your school to see if you qualify for any of the above
provisions. Be aware that if you consolidate
your Perkins loan, it is no longer a Perkins loan and you will
not be eligible for any of the cancellation provision.
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