How to Apply for a Federal Perkins Loan

The Federal Perkins Loan Program provides loans for undergraduate and graduate students who show exceptional financial need. In 2011, the loans were worth $4,000 to $5,000 and had a 5 percent interest rate. Some borrowers become eligible to have their loans cancelled, making them essentially work-off grants, by performing certain civic, military or educational roles after graduating or during school. The main thing you must do to apply for a Federal Perkins Loan is to fill out the FAFSA application form.

Instructions

    • 1

      Make sure you are eligible to apply for a Federal Perkins Loan by ensuring you meet the following criteria:

      A) You must be enrolled in a degree program at an eligible school at least half-time.
      B) You must be a U.S. citizen, a permanent resident or an eligible noncitizen.
      C) You must have satisfactory academic progress.
      D) You cannot have unresolved defaults or overpayments owed on Title IV education loans and grants.
      E) You must satisfy all Selective Service requirements.

    • 2

      Gather the following paperwork needed to fill out an application:

      A) Recent bank statements.
      B) Current business and investment mortgage information; business or farm records; and stock, bond and other investment records.
      C) Your parents' federal income tax return or your (and your spouse's, if married) federal income tax return.
      D) Recent W-2 forms and other records of earnings.
      E) Driver's license.
      F) Social Security number.

    • 3

      Get a Free Application for Federal Student Aid (FAFSA) from your college or online from fafsa.ed.gov.

    • 4

      Fill out the FAFSA application and mail it or submit the application online electronically. If you plan to submit online, apply for a PIN first. Use the PIN to electronically sign the online federal student aid application. This method will be faster.

    • 5

      Check on your Perkins Loan application's status at the FAFSA website or by calling the Federal Student Aid information center at 1-800-433-3243.

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