Thursday, December 20, 2007

College Loan Perkins

If you're applying for student financial aid and you fit into the extreme financial need category, this loan is for you.

* 5% interest rate with no origination or default fees
* Maximum yearly loan: $4K undergraduate and $6K graduate programs
* Total limit: $20K undergraduate and $40K graduate
* Repayment starts 9 months after graduation OR dropping below half time enrollment
* 10 year repayment plan

To qualify for a Perkins College Loan, you must fill out an FAFSA (Free Application for Federal Student Aid). The financial aid office of the school you apply for with use that information to determine if you qualify for the extreme need Perkins Loan. Check with the university financial aid office for application deadlines.