Do I qualify for a Perkins loan?

Who qualifies for a Perkins loan

A Federal Perkins loan is a low-interest loan for undergraduate and graduate students who have exceptional financial need. What qualifies as exceptional need? According to Fafsa.ed.gov, there are many factors that determine need, but here are a few basic requirements:

• You must be a U.S. citizen or eligible non-citizen
• You have a valid Social Security number (with exceptions)
• You have a high school diploma or a General Education Development (GED) Certificate or pass an approved ability-to-benefit (ATB) test
• You are enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs

To apply for this loan program, you must submit the Free Application for Federal Student Aid (FAFSA).

Once approved, your school will either pay you directly or apply your loan amount to your school charges. You’ll receive the loan in at least two payments during the academic year.

While Perkins loans are similar to Stafford student loans, the main differences are that there are fewer fees, a longer grace period and better cancellation options with Perkins loans.