The Perkins Loan is granted by federal government and manage by Department of Education, the interest rate of this loan is very low. The objective of created this loan is to helps students from poor families to further their study and acquire higher level of education.
As usual procedure apply to government loan, you must submit the FAFSA form. Federal government will allocate a budget for this loan, it is not unlimited. If all budgeted loan amount of the year be released to students, that means other student will not get the loan in this year. Thus, you should apply at the early stage, probably during high school senior year.
Gather and study more information pertaining to the loan before move for next step - application. There are many benefits associated with the loan, a lot of student will consolidate their government loans after graduate. A lot of cases proof that consolidation is efficient for reducing monthly repayment, interest of the loan and shorten the term.
In addition, student who obtained the loan can request for loan forgiveness by following methods :-
1) Take the teaching program, be a teacher at certain states for specified years of service.
2) Work for military or active armed forces in the country.
3) Participate in US National Institutes of Health's NIH Loan Repayment Programs, conducting clinical medical research.
if student participated at above programs, loan debt will be offset partially or entirely. Depend the course taken and personal situation.
Other than methods stated above, there are many ways of acquire loan forgiveness. Please check for Student Loan Guide instead of Perkins Loan
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