The Perkins program provides low interest loans (5% rate) both for college and graduate school to students with “exceptional financial need.” It is administered by the school as the “lender” and that is who is repaid after graduation. Not all schools participate in this program, so you should check with your school’s financial aid office to see if they do.
You are eligible for this program if you are
- an undergraduate, graduate, or professional student with exceptional financial need;
- enrolled in school full or part time; and
- attending a school that participates in the program
The amount you can borrow in this program depends on several factors, including
- your financial need
- the amount of other aid you receive
- the availability of Perkins funds at your school
If you would like more information about student loans, you can dowload my free book, I Graduated; Now What? A Guide to Dealing with Your Student Loans.