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Perkins Loans
for
MBA Students
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Perkins Loans |
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Perkins Loans are only for students with exceptional financial need.
(Contact your schools financial aid office to determine
whether you qualify.)
They come at the very low interest rate of 5 percent, and
unlike Stafford Loans, Perkins Loans carry no fees.
Interest
does not accumulate while the student is in school, and borrowers
have nine months after graduating before they have to begin repaying
their Perkins Loans.
The payback period can be up to 10 years.
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| How
Do I Know Whether I qualify for a Perkins Loan? |
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You will be notified about your
eligibility after submitting your FAFSA.
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| How
Much Can I Borrow? |
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That
depends on when you apply, the amount of funds available at the time
and your level of need.
The annual maximum for a graduate student, however, is
$6,000.
The
accumulated maximum amount of Perkins Loans a grad student can have
outstanding is $40,000, including Perkins Loans that are still
outstanding from undergraduate studies.
There is no guarantee, however, that Perkins loans will be
available (even to qualified students) because of inconsistent
Congressional funding from year to year.
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| Is
This Federal or School-Based Aid? |
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Who cares! I mean, uh, it's
both. Perkins Loans
are administered by the schools, but both the schools and the
federal government contribute the funds.
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| Direct
vs. FFEL Perkins Loans |
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As
with Stafford Loans, Perkins Loans come from two different sources.
Thus, you could get a Direct Perkins Loan or a
FFEL Perkins Loan.
More Loans
3. School-Based Loans
4. Private Loans
NEXT >
School-Based
Loans for MBAs
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