Federal Perkins Loan, or Perkins Loan, is a need-based student loan.
program is named after Carl D. Perkins, a former member of the U.S. House of
Representatives from Kentucky and an avid supporter of accessible
education for low-income families. Perkins loans are accessed through what is
called "campus-based aid." Together with the Federal Work-Study
program, they provide students with funding based upon extreme financial need.
These programs are administered through Furman's financial aid department. You
must fill out the Free Application for Federal Student Aid (FAFSA) form to
determine your eligibility for a Perkins Loan.
Loans carry a fixed interest rate of 5% for the duration of the ten-year
repayment period. The Perkins Loan Program has a nine-month grace period, so
that borrowers begin repayment in the twelfth month upon graduating, falling
below half-time status, or withdrawing from their college or university.
Because the Perkins Loan is subsidized, interest does not begin to accrue until
the student has graduated and their grace period has expired. Currently the loan limits for undergraduates are $5,500 per
year with a lifetime maximum loan of $27,500. For graduate students, the
limit is $8,000 per year with a lifetime limit of $60,000 (including
Perkins Loans qualify for deferment benefits like other federal student loans,
such as the Stafford and Direct Loan programs. A deferment is defined as a
period where a borrower is not required to make scheduled installment payments
and is not liable for any interest that might otherwise accrue if in repayment.
At any time where a student is enrolled at least half-time in school or in a
graduate fellowship program recognized by the Department of Education they may
defer their Perkins loan through written or oral request to Furman. Please
refer to the Master Promissory Note for additional deferment situations.
Perkins Loans are unique from other student loans because they are eligible for
principal and interest cancellations. Students who enter the following careers
may be eligible for up to 100% of their loans forgiven.
in a title one school or who teach subjects in an area of shortage
Full-time professionals working in Early Intervention Services
Law Enforcement or Corrections Officer
Nurse or Medical Technicians
Agents working in Child and Family Services
Attorneys employed in a Defender Organization
Tribal College or University Faculty
Early Childhood Education
Volunteer Service under the Peace Corps Act or Volunteer Service Act of 1973
refer to your original Master Promissory Note to determine eligibility for
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