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Perkins Loan

The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. The Perkins Loan is the best student loan available. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or default fees, and the interest rate is 5%. There is a 10-year repayment period.

The amount of Perkins Loan you receive is determined by your school's financial aid office. The program limits are $5,500 per year for undergraduate students and $8,000 per year for graduate students, with cumulative limits of $27,500 for undergraduate loans and $60,000 for undergraduate and graduate loans combined.

The Perkins Loan also offers better cancellation provisions than the Stafford or PLUS loans. See the section on loan forgiveness for more details.

Other Student Loans

If your borrowing needs are not met by the federal programs, lenders offer a variety of supplemental borrowing programs known as Private or Alternative Loans.

Parents of undergraduate students can borrow parent loans such as the PLUS Loan to pay for their children's education. Graduate and professional students are also be able to borrow money through the PLUS Loan program.

For more information about financial aid and loans go to the comprehensive, objective, and award-winning free site www.finaid.org  The site has won awards from the College Board, the National Association of Student Financial Aid Administrators, the National Association of Graduate and Professional Students and the American Institute for Public Service.

Stafford Loan Perkins Loan

The Cause Organization, Inc. Phone: 800-748-6790 Fax: 800-748-6527 Email: info@thecauseinteractive.com