Every year, thousands of people find themselves unable to follow their dreams (education-wise) due to one thing - money. As university and colleges become more expensive, many students (or to be students) find themselves not able to enroll and attend college or university. Generally, students look for financial aid through various financial institutions. They can usually receive student loans, but in the end, they end up raking up huge amounts of interest. The amount they have accumulated by the end of their education may take them many years to pay off.
Nonetheless, other options are available for those who find themselves unable to enroll in college or university due to financial reasons. A type of loan that is becoming quite popular is known as the Federal Perkins Loan. A Federal Perkins Loan is available to both undergrads, and grads, who are struggling financially. Federal Perkins loans have a very low interest rate (usually no 5%). The Federal Perkin loans are always government foundered, meaning that school is the lender - not a private institution. Needless to say, you will be paying back your school, not an institution.
The amount you will be able to loan is dependent on a few things. These things include the following:
1) How much you need - your financial standing in other words.
2) When exactly you apply
3) How much your school is able to fund students
The majority of colleges and universities will offer Federal Perkins loan through two yearly payments. Depending on your schools policy, you will either have the funds credited to your tuition, or you will be given a check. The great thing about Federal Perkins loans is that there are not hidden fees or costs, aside from interest costs. Although, if you do make late payments, or not make payments at all, you are at risk of racking up some penalties.
Graduates and undergraduates are able to get different sizes of loans. An undergraduate may only receive up to $20,000 in loans, while graduates are able to borrow up to a total of $40,000 from the school.
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