![]() ![]() A borrower who received a Perkins Loan can learn more about managing the repayment of the loan by contacting either the school that made the loan or the school’s loan servicer. As a result, students can no longer receive Perkins Loans. 30, 2017, and final disbursements were permitted through June 30, 2018. Important: Under federal law, the authority for schools to make new Perkins Loans ended on Sept. Perkins | Loans made through the Federal Perkins Loan Program, often called Perkins Loans, are low-interest federal student loans for undergraduate and graduate students with exceptional financial need. The loan payments may still be deferred while in school. Unlike the subsidized option, you are responsible for paying the interest that accumulates while you are enrolled at least half-time, during the grace period and during deferment. The loan payments may be deferred while in school.ĭirect Unsubsidized Loans - you are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Interest is paid by the government while you are enrolled at least half-time, during the six month grace period, and in deferment. Department of Education based on the information reported by the student on their FAFSA. Direct Loans include both subsidized and unsubsidized loan options.ĭirect Subsidized Loans - Direct Subsidized Loans are for students with financial need determined by the U.S. Department of Education (the Department) at participating schools. ![]() Eligible students borrow directly from the U.S. As with all financial aid applications, it is important to fill out the forms completely and submit them as soon as possible.ĭirect Student Loans (formerly known as Stafford) | Offered by the federal government, these low-interest loans are for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Qualifying for funding involves filling out multiple forms, including the Free Application for Federal Student Aid (FAFSA), and providing a detailed profile of your financial situation to potential lenders. The federal government is by far the single largest source of financial aid to college students, but there are also state government loans, college-sponsored loans, commercial lending institutions and credit unions which also offer private student loans.
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