What Is a Perkins Loan and How Do I Get A Perkins Loan?
We hear the question, what is a Perkins loan quite frequently. Basically, it is a federally funded loan by the Department of Education, with the money going directly to participating colleges. It can be used for undergraduate as well as graduate level studies.
However, the primary recipients of Perkins loans are those students who exhibit exceptional financial need. The definition of the term, exceptional financial need, is students with less than $10,000.00 of the Expected Family Contribution. It will also include students who have received other financial assistance, and still have some remaining financial need.
All of the above is based on information submitted on the FAFSA application. Any student interested in applying for a Perkins loan needs to be aware that there is generally a limited amount of funding available.
Most of each college’s allocation of these monies is granted to students during the summer term. Exceptions are made, but it will be on a case by case basis. So if you have an interest, please apply very early.