Financial Aid. Costs Applying. How To Apply Students are automatically considered for a Perkins Loan as a part of their need-based financial aid application. Eligibility Perkins Loans may be awarded to students who are eligible for Federal Student Aid most domestic students and have demonstrated financial need.
Subsidies Interest does not accrue on a Perkins Loan while a borrower is enrolled in school at least half-time, during a grace period or during an authorized deferment.
You can also ask what their financial eligibility requirements are for the loan. There are a few different deadlines you should be aware of: federal and state. The only deadline that matters specifically for the Perkins loan is the federal one , although if you're submitting the FAFSA at this deadline, there might not be any Perkins funding left for you.
You might be able to get federal aid even after you've finished a year at school if you're a current college student , so it could be worth your while to apply later on even if you're too late to get the Perkins. Different states if you also want to be considered for state funding have different deadlines for applying for student aid.
You can check the deadline for your state here. Like I mentioned above, you won't actually learn whether you can take out a Perkins loan until you've received this financial aid package. Current college students typically submit their FAFSAs early in their spring semesters for the next academic year.
Perkins money tends to run out quickly since each participating school has a finite Perkins budget. In short, it's first-come, first-served. Plan on applying as early in the year as possible January or February. You won't have that year's tax information yet, but that's OK—you can submit estimates and amend those numbers later as needed.
Although gathering this information isn't necessarily hard, it can be the most tedious part of the Perkins loan application process. Keep in mind that you'll also need to meet all basic federal aid requirements in order to submit a FAFSA. You'll also need all the above information from your parents , even if they won't be helping you pay for school.
If you think your circumstances warrant what's called a "dependency override," in which your parents' financial info is not taken into account meaning you'd likely get more aid , you'll also need to gather all documentation around your special circumstances that is, any documentation that would support your claims :. Common overrides include age, marriage, kids, homelessness, military service, foster care, or legal emancipation.
I recommend that you submit an electronic version , but here are instructions for both methods of submission so you can make a decision that's right for you:. You can get a paper copy of the FAFSA at high school guidance offices, college financial aid offices, and many libraries. You can also download and print the application yourself here.
Paper FAFSAs are a bit more cumbersome than the electronic version: they take the longest time to file it can take weeks to get your SAR back and also tend to cause applicants to make more mistakes, which will ultimately delay the application process for you.
Once you've gathered all the relevant information and chosen your FAFSA submission method, you'll need to plan some time to sit down and actually complete the application. As I mentioned earlier, you'll need quite a bit of information from your parents or guardians. The form will be much easier to complete if you can sit down with them and go through each section together. Overall, plan on spending one to two hours filling out the application.
A little extra help from the 'rents makes the application process faster and easier. If your application was complete, your school should be able to use your Student Aid Report to generate a financial aid offer, which can include grants, loans, and scholarships.
If you are offered a Perkins loan, it will be included in this financial aid offer. Your school has the ultimate say in whether you get the Perkins loan. Financial eligibility does not guarantee you'll receive the loan. Schools with better funding or better financial aid programs might be able to offer more Perkins loans to students.
So you've gone through all this work to apply for federal financial aid and your school offers you a Perkins loan in your financial aid package. You can choose to take the loan or you can refuse the aid.
What do you do? First, you should avoid taking on any debt if you have other ways to cover your school's cost of attendance such as grants or scholarships. To learn more about cost of attendance and budgeting college expenses, check out our college cost guide.
If you've determined that you need to take out loans to help pay for school, the Perkins loan could be a great option for you, particularly if you're planning on working in public service after you graduate. If you're deciding between a Perkins loan and another loan, the Perkins loan will almost always be the better financial option. I Accept Show Purposes. Your Money.
Personal Finance. Your Practice. Popular Courses. Part Of. Saving for College. College Saving Plans. Getting Started. Scholarships and Grants: Free Money. Types of Student Loans. What Loans Cost. Decoding Student Aid Offers. Best Student Loans. Managing Loans During College. Loan Basics Student Loans. Table of Contents Expand. Compare Financial Aid Offers. Consider Private Student Loans. Choose Your School. How do you borrow college money under federal loan programs?
What are some advantages of federal loans over private? What are the differences between direct subsidized and unsubsidized loans? Bottom Line. Federal student loans come in two basic types: subsidized and unsubsidized. Subsidized loans are more affordable, if you qualify. Other loan sources include federal PLUS loans for parents and private loans from banks and other lenders. Payments and interest on student loans from federal agencies has been suspended until early Private student loans lack the flexible repayment options available with federal loans.
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Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Student Loans Private vs. Federal College Loans: What's the Difference? Student Loans Subsidized vs. Partner Links. The total is used to calculate financial aid needs. What Is a Pell Grant?
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