Have you heard of the Perkins student loan? The Perkins loan works similar to other programs with a few enhancements. Look below for information on this little brother to the Stafford student loan program.
In addition, you'll find some hints on how to get one, where to look, and other tips for finding more financial aid.
What is a Perkins Student Loan? The Perkins program offers federally sponsored student loans to university and college students for undergraduate and graduate studies. Unlike the Stafford program, which any college student can apply to, the Perkins limits applications.
With a Perkins, you actually borrow from your school, not a bank. And you repay the school, too. To get one, you have to demonstrate financial need. You have to fill out a FAFSA form, the Free Application for Federal Student Aid, online and you'll get an answer telling you if you qualify.
One cool aspect of the Perkins, sometimes you can get them cancelled if you are a public school teacher in a shortage are or subject. You have to apply for cancellation. Nice if you qualify.
To get one of these loans, you must attend a college that offers this program. Just call your financial aid office and ask if the school offers the Perkins student loan. Then, the school splits up the funds they have available among the students that qualify.
Can a Perkins Student Loan be part of a Consolidation Loan? Your Perkins loan can be included in a consolidation loan package. You can usually lower your interest rate by doing this. Just make sure before you do it that you don't qualify for loan cancellation.
Once you consolidate, you can't go back and get it cancelled. If you don't qualify, or don't plan to teach school, it doesn't really affect you.
Also, if your college or university doesn't offer much in your Perkins loan, you may be able to get a Stafford instead.
What If You Don't Qualify? It happens. Your FAFSA doesn't qualify you for student loans. First, apply for scholarships. You never know when you'll win one. Apply at your college, in your home town, in your state, at your employer, at the local chamber of commerce. Apply wherever you see scholarships available.
And remember, new ones pop up every year. Not all scholarships are talent based or even based on grade point average. Some are like a lottery, given at random, and some are contests. Learn to apply to these and to do a good job with your application, and you will win more of them.
Next, if you have to borrow, be careful. You'll have to pay this money back, and you don't want to carry around a backpack loaded with debt your whole life. Keep the loans as low as possible to get an education and finish.
Then, pay them off as fast as you can.
Another tip: don't make my mistake. Test out of as many college classes as you can. Use the Dantes or CLEP or AP program. And ask you university if they offer more classes you can test out of.
essay writing services
No comments:
Post a Comment