College degrees are expensive, depending on where you go to school. However, a degree can help you earn more per year and throughout your career. A degree is also associated with a lower rate of unemployment. There are Federal Perkins Loans that can help pay for tuition.
The federal government offers Perkins Loans. These loans are for those with low incomes who need assistance paying college tuition. Many people wonder if they should borrow money to pay for college. However, without loans many people wouldn’t be able to go to school. Perkins Loans make college a possibility for many veterans.
The Perkins Loans for Veterans
It’s important to understand the details of any loan before you take it out to pay for college. You should compare all loan details before deciding whether to go with a Perkins Loan or another type of loan. Keep in mind these important facts about Federal Perkins Loans:
- They have low interest rates and are therefore popular and helpful. They keep their interest rates low so veterans can afford to attend college.
- All loans are federally funded. This means that the government is responsible for issuing them. No need to use a third-party or bank to get a loan.
- The loan will not be due until you graduate, leave school or drop below attending part-time. After a nine month adjustment period, you’ll have to begin paying back your Perkins Loans once you graduate, stop attending college, or reduce the amount of time you spend in school. After you have finished college, you’ll be given nine months to pay back the loan.
- If you are not attending college full-time, your repayment schedule will be different. Contact the financial aid office at your college to find out how much you owe.
- Perkins Loans are the subject of scams. If you want to get a Perkins Loan, you should make sure that you’re getting it from an official federally funded source. Don’t give out personal information to anyone unless you have verified that they are a legitimate source.
- If you want to receive the loan every year, you will need to follow the same guidelines.
Perkins Loans Eligibility
Most veterans can qualify for Perkins Loans, depending on the circumstances. To qualify for the loan, you must meet certain eligibility requirements. You must have an economic need and be a legal immigrant or citizen. Also, you must be enrolled in a college program that is eligible. Check with the federal government if the college that you wish to attend qualifies. Some private colleges may not qualify.
Perkins Loans do not have income restrictions. To determine if a person qualifies for a Perkins Loan, each case is evaluated individually. When determining whether you are eligible for a loan, the government will take into account how many people live in your home, your income, and any other factors.
Application for Perkins Loans
Veterans can get Perkins Loans to help them go to college. You can obtain a low-interest loan to fund your education and not pay as much in interest. Online applications are available. To apply, click here.