Are Perkins loans still available?

Important: Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.

Are Perkins loans direct loans?

Offered through the federal government’s Perkins Loans Program, a Perkins loan was a low-interest loan option made available to both undergraduate and graduate students who demonstrated an exceptional need for financial aid. The program was replaced by Federal Direct Loans, often referred to as Stafford Loans.

Do I have to pay back Perkins Loan?

If you were an undergraduate or graduate who took out Perkins loans before they were discontinued, you’re still required to repay them. But because of low (and fixed) interest rates and lots of forgiveness options, there are many ways to make Perkins loans repayment more manageable.

Where can I apply for Perkins Loan Cancellation?

You can apply for Perkins loan cancellation through your school, or your school’s loan servicer. Don’t ever assume that your loans will be eligible for cancellation; run everything by your school’s financial aid office first, and don’t stop making payments until your loan is officially deferred.

Where can I find out the amount of my Perkins Loan?

Your school’s financial aid office determines the amount of your Perkins loan. The Department of Education’s Federal Student Aid website has the most up-to-date information on Perkins loan limits.

Can a school give you a Perkins Loan?

Although Perkins loans are government-backed, your school would technically be your Perkins loan lender. Fewer schools participate in the Perkins loan program than in other federal loan programs. You can check with your school’s financial aid office to figure out whether they offer Perkins loans.

How does the Perkins Loan forgiveness program work?

The Perkins loan is different from other federal student loan forgiveness programs; your school lends the Perkins Loans; thus, if they’re certified. It means to get a Perkins loan program; you’ll have to work with your school directly to repay your loan.