Although the federal government funds the Perkins Loans program, your debt must be repaid to your school. Unlike private loans, there are no origination or default charges so the only additional fee you incur besides the loan principal is the interest.
Loans range from up to $5,500 a year for undergraduates to $8,000 a year for graduate students. Your financial need, other aid received, and availability of school funding all contribute to your maximum loan amount.
Since Perkins Loan funding is limited, you should apply for financial aid as soon as possible. Once your school runs out of allocated money, no additional Perkins Loans will be issued.
There is a nine-month grace period after you graduate, leave school, or drop below part-time status, after which you must begin repaying the loan. Keep in mind that there are ways to get your loan forgiven, such as if you volunteer with the Peace Corps or perform military service.
If you have any questions, contact your school's financial aid office. Find out whether your school participates in the Perkins Loan program. You also can contact the Federal Student Aid Information Center at (800) 4FED-AID.