Perkins Loans are federally guaranteed student borrowing options that are administered jointly by the U. government and individual colleges and universities. The low-interest, long-term loans target students with serious financial hardship.A lion’s share of federal financial aid originates from the Pell Grant and William D. Select economically disadvantaged students are eligible for additional student aid designed to increase college access for society’s neediest groups.
And If you qualify for a Pell Grant, which is also awarded based on financial need, then you are probably also a priority candidate for a Perkins Loan.
Unfortunately, due to limited funding, some students who qualify for Perkins Loans do not receive them.
Your best strategy for winning Perkins Loans: apply early for admission to your college and submit your FAFSA well before the filing deadline.
For limited-credit college students, federal loans present attractive borrowing options, because Perkins and other government loans are not dispensed based on credit worthiness.
Regardless of your credit history , you may be approved for Perkins loans.
Perkins Loans are packaged with a 5% interest rate and a 9-month grace period.