Perkins Student Loans are provided through the United States government for educational purposes on an as needed basis to students at one of many qualified educational institutions. They are open to both American citizens and eligible non-residents. The primary requirement to qualify is to have enrollment in a participating educational institution while also demonstrating financial need.
The Perkins Loan Program is named after Carl D. Perkins, a former Kentucky congressman known for his diligent efforts at working on behalf of financially disadvantaged citizens. The main objective of the program from the beginning has been to make education accessible to those with lower incomes.
Under the terms of the Federal Perkins Loan Repayment Plan, as long as the student remains in school, the federal government will pay the interest on the loan amount. Upon graduating, they have an initial nine-month grace period. This is subsequently followed by a ten year repayment agreement. Under the Perkins Loan Forgiveness Program, certain borrowers may also qualify for repayment deferment.
There are several eligibility factors apart from proving financial need and enrollment in a qualifying school. The applicant must also not have defaulted on any previous loans, and must additionally maintain a certain satisfactory grade point average. The participating university or college will make the determination about which prospective borrowers can receive financing.
Practical Debt Relief offers several student loan consolidation programs with low interest terms to help you get your finances back in order. We understand that overwhelming debt is often a major hindrance for students when attempting to advance career goals. Consult with our professional debt consolidation staff today and take that first important step towards a more secure financial future.
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