Federal Perkins Loan

Information about Federal Perkins Loan

Regulatory framework
Student loans in the U.S.
Higher Education Act of 1965 US Dept of Education FAFSA Cost of attendance
Distribution channels
Federal Direct Student Loan Program FFELP
Loan products
Perkins · Stafford PLUS · Consolidation Loans Private student loan

A Federal Perkins Loan, or Perkins Loan, is a need-based student loan offered by the U.S. Department of Education to assist American college students in funding their post-secondary education. The program is named after Carl D. Perkins, a former member of the U.S. House of Representatives from Kentucky.

Perkins Loans carry a fixed interest rate of 5% for the duration of the ten-year repayment period. The Perkins Loan Program has a nine-month grace period, so that borrowers begin repayment in the tenth month upon graduating, falling below half-time status, or withdrawing from their college or university. Because the Perkins Loan is subsidized by the government, interest does not begin to accrue until the borrower begins to repay the loan. The loan limits for undergraduates are $4,000 per year with a lifetime maximum loan of $20,000. For graduate students, the limit is $6,000 per year with a lifetime limit of $40,000 (including undergraduate loans).

Perkins Loans are eligible for Federal Loan Cancellation for teachers in designated low-income schools, as well as for teachers in designated teacher shortage areas such as math, science, and bilingual education. A percentage of the loan is cancelled for each year spent teaching full-time.

The Perkins Loan program has been slated for elimination under President Bush's FY 2007 budget, describing the program as "redundant and duplicative, given the broad availability of need-based, subsidized, relatively low-interest loans through the two larger student loan programs (Federal Family Education Loans and Ford Direct Student Loans)."

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Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually carry a lower interest rate than other loans and are usually issued by the government.
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The Higher Education Act of 1965 (Pub. L. No. 89-329) was legislation signed into United States law on November 8, 1965 as part of President Lyndon Johnson's Great Society domestic agenda.
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United States
Department of Education

Seal of the Department of Education
Agency overview
Formed October 17, 1979

Employees 5,000 (2007)
Annual Budget Discretionary: $56.0 billion (2006)
Mandatory: $13.
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The Free Application for Federal Student Aid (known as FAFSA), is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for
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In education finance in the United States, the cost of attendance is the estimated full and reasonable cost of completing a full year as a full-time student. The cost of attendance is published by each educational institution and typically includes:

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The William D. Ford Federal Direct Loan Program (FDSLP), often referred to as "Direct Loans," is a United States Department of Education program that provides loans to help students pay for education after high school.
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The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents.
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A Stafford Loan is a student loan offered to eligible students enrolled in American institutions of higher education to help finance their education. The terms of the loans are described in Title IV of the Higher Education Act of 1965 (with subsequent amendments), which guarantees
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A PLUS Loan is a student loan offered to parents of students enrolled at least half time in eligible programs at participating and eligible post-secondary institutions. As of July 1, 2006 PLUS Loans are also available to graduate and professional students at participating and
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Top consolidation lenders ranked by total FY 2006 consolidation loan originations
Lender name # of loans Amt of loans ($)
Federal Direct Student Loan Program $19,197,268,873
Sallie Mae $19,841,423,841
Citibank $4,843,119,089
Nelnet $4,796,065,812
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A private student loan is a financing option for higher education in the United States that can either supplement or replace federally guaranteed loans such as Stafford loans, Perkins loans and PLUS loans.
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Motto
"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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Higher education is education provided by universities, vocational universities (community colleges, liberal arts colleges, and technical colleges, etc.) and other collegial institutions that award academic degrees, such as career colleges.
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Carl Dewey Perkins (October 15, 1912 - August 3, 1984), a Democrat, was a politician and member of the United States House of Representatives from the state of Kentucky.

Early Years

Perkins was born in Hindman, Kentucky.
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United States House of Representatives

Type Bicameral

Speaker of the House of Representatives
House Majority Leader Nancy Pelosi, (D)
since January 4, 2007
Steny Hoyer, (D)
since January 4, 2007
House Minority Leader John Boehner, (R)
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Commonwealth of Kentucky

Flag of Kentucky Seal
Nickname(s): Bluegrass State
Motto(s): United we stand, divided we fall

Official language(s) English^[1]

Capital Frankfort

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Perkins, Stafford, and other FFELP loans are subject to various loan forgiveness and cancellation programs. A portion of full-time teachers' student loans can be forgiven for each year teaching in low-income schools, or in teacher shortage subject areas such as math, science, special
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George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. Bush was first elected in the 2000 presidential election, and reelected for a second term in the 2004 presidential election.
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budget process. The specific procedures for formulating the budget were established in the Congressional Budget and Impoundment Control Act of 1974.

The President's budget request

The budget begins in February with the submission of the President's budget request.
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