Typically a student receives a package that includes both gift aid and self-help aid , some private and some public. Perkins Loans have fixed interest rates. At the borrower's request, an extension of time or smaller monthly payments may be authorized by the lender. Forbearance is granted at the lender's discretion when a borrower demonstrates good intentions of repaying but is temporarily unable to do so. A borrower must request forbearance from the lender.
Interest continues to accrue while loans are in forbearance status.
The first application to be completed in order to apply for virtually all types of financial aid for higher education. This form is distributed and processed by the United States Department of Education. It is used in applying for all Federal Title IV student aid programs, including Pell Grants, Stafford Loans, and the campus-based programs. The credit load or hours considered by the school to be full-time for a student's course of study. Most schools generally consider full-time enrollment to be at least 12 semester or quarter credits.