A Federal Perkin Loan is made through a school's financial aid office meaning that your school is you lender and the loan is made with government funds.
Your school will either pay you directly or apply it to any educational expenses. It would be distrubted in at leat two sepearate payments during you academic year. Intrest is at low as 5% for both undergrad and grad.
Borrowing Limits:
-$4,000 for each year of undergraduate studies/ you can borrow up o $27,500 as an undergraduate.
-$8,000 each year for graduate or professional study/ you can borrow up $60,000 as a graduate
*You may cancel this loan anytime you want during you academic career.
How will you pay back.
example:
-Total amount: $4,000
-Number of Payments: 120
-Approximate Monthly payments: $42.43
-Intrest Charges: $1,091.01
-Total Repaid:$5,091.01
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