The Perkins Loans is a student loan for undergraduate and graduate students with exceptional financial need.  Students that qualify for Federal Perkins Loans can borrow up to $5,500 for each year of undergraduate study with the total loan amount equaling no greater than $27,500. Graduate students can borrow up to $8,000 per year with the total loan amount equaling no more than $60,000 in undergraduate and graduate Perkins Loans.  Students that receive a Pell Grant are highly likely to receive a Perkins Loan as well. 

The Perkins Loan amount received depends on when the student applied for the loan, the financial need, and the funding level at the school.  Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. Institutional financial aid administrators at participating institutions have substantial flexibility in determining the amount of Perkins loans to award to students who are enrolled or accepted for enrollment.

The Perkins Loan is fully funded through the federal government and each financial aid office is responsible for administering the disbursement of payment and collection of repayments from borrowers.  The federal government distributed more than $65 million a year for the Perkins Loan.  Students that receive a Perkins Loan are responsible to make all repayments to their school’s financial aid office.  In turn, these payments will be used to fund other low-income student’s education.
 

If you are interested in receiving a Perkins Loan then you must fill-out and complete a Perkins Loan application, which is also known as the FAFSA or Free Application for Federal Student Aid.  This application will determine if you qualify, are considered low-income, which is based on your financial status and the number of family members in school.  If you do qualify for a Perkins Loan then you will receive an award letter from your school’s financial aid office indicating the award amount and when the disbursement of payment will be made to you.

PerkinsLoanOnline.com