The Federal Perkins Loan is low interest and is based entirely on need, as determined by the financial aid office. The amount the student borrows depends upon need and availability of funds. The Federal Perkins Loan may be included as part of the student's total financial aid package developed through the college the student attends. Annual application is required. Student signs a promissory note upon receipt of each loan and must begin repayment nine months after graduation or leaving school.
Student has up to ten years to repay the loan.
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