Federal Perkin loan is a low interest loan available to the students to finance their graduate or undergraduate education. This is a low interest need based loan. Therefore the students who are in need of funds so that they can continue with their education can take the benefits of this financial aid.

About loan

1. It is a low interest loan with an interest of about 5%.
2. This loan is for the citizens of United States.
3. The student should have enrollment in an accredited college or university.
4. It is given to the students who are in need of funds to finance their undergraduate or graduate education.
5. The student has to qualify the basic conditions associated with the loan that include the exceptional need of the funds for education.
6. The loan amount is repaid by the students by promissory note.
7. Signing a promissory note confirms that the student accepts the terms and conditions of the loan.
8. The money of the loan in borrowed directly from the university where the student will take the education. The money repaid by the student is then returned to the university on the completion of the term and repayment made by the student.
9. The students are given a grace period of nine months after they complete the education and get employed.
10. During this grace period the loan amount does not incur any interest charges.
11. After the grace period is over the loan is to be paid along with the interest.
12. The loan can be put to deferment by filing the certificates so that additional six month are given to the students within which the interest is not applied to the loan amount but as soon as this term is over the interest begins to be added and the student has to deposit the amount with interest.
13. The loan amount repayment is cancelled in certain conditions. This facility is given to:

• the student taking up teaching as a profession in schools for low income family or
• the student providing services to the children with disability or
• taking up the profession of nursing or medical technician

How can you apply for loan?
You will first have to fill Free Application for Federal Student Aid common by its acronym FAFSA. This you will submit in the financial aid department of your university or college. Once the administration is satisfied that you need the funds for your studies then your application gets accepted.