Federal Perkins Loan For Extreme Financial Needs

By Author: flexjohn
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The federal government has many, many programs to help put American students through a post secondary education. Having college educated workers, after all, helps the country and its economy survive for successive generations.

The first thing you have to do to determine how much the government can help you out with school is to fill out the Free Application for Federal Student Aid. Once this is filled out, the government and your school will use it to determine how much aid you're eligible for.

The first resort is the Stafford Loan, which is the standard government student loan. When people talk about student loans generally, this is probably the one they mean. The Stafford is the ubiquitous student loan among American students these days, and almost every student in the country has taken out at least one or two of these loans over their college careers.

Sometimes, though, the Stafford just isn't enough. If you're in extremely tough financial circumstances, another option to check out is the Federal Perkins Loan. This specialized ...
... loan is run through your school of choice, and it's just for students with higher financial need.

There aren't that many differences between the Perkins and the Stafford. The main differences are that the Perkins has a lower interest rate, no fees, and a longer repayment period, which can help pare down monthly payments by quite a bit. All these factors combined mean that the Perkins loan adds up to be a very good option for many students.

The Federal Perkins Loans will be administrated through your school, which will have a lot of say in who gets this loan and how much each student gets. Normally, the loan will be used to pay your school bills directly. Anything that's left over will go to you in a check. This money can be used for many school related expenses, such as books, supplies, or even a computer if you need one. You can also, though, use the money for basic living expenses that you have to cover in able to get to school. Even things like your car payment or childcare if you're a non-traditional student can be paid for through this great loan for students who are struggling financially.

For more information about Federal Perkin Loan please visit, Student Loans.