Formerly the National Direct Student Loan Program, the Perkins Loan allows students to borrow an amount determined by the Financial Aid Office. The Perkins Loan has one of the lowest interest rates and is awarded by the financial aid administrator to students with exceptional financial need. The student must have applied for a Pell Grant to be eligible. The interest on the Perkins Loan is subsidized while the student is in school. The amount of money borrowed or remaining unpaid on a loan.
Interest is charged as a percentage of the principal.
Insurance and origination fees will be deducted from this amount before disbursement Private Loans Education loan programs established by private lenders to supplement the student and parent education loan programs available from federal and state governments. For example, if a parent becomes unemployed, disabled, or deceased, the FAA can decide to use estimated income information for the award year instead of the actual income figures from the base year. The binding legal document that must be signed by the student borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including repayment schedule, interest rate, deferment policy, and cancellations. The student should keep this document until the loan has been repaid Return to top.