What kind of loan is a Perkins loan?

Are Perkins loans subsidized or unsubsidized?

A Perkins loan is a type of federal student loan based on financial need. A Perkins loan is a subsidized loan, meaning that the federal government pays the loan’s interest while you are in school. Under federal law, the Perkins loan program ended and are no longer available to students.

Is a Perkins loan the same as a subsidized loan?

The Perkins Loan is a subsidized loan, meaning the federal government pays the loan’s interest while the borrower is in school. How can I find my student loan account number?

What is the difference between a federal Perkins Loan and Stafford loan?

Federal Family Education Loan Program Stafford loans are managed by private lenders and guaranteed against default by the federal government. … This program is managed directly by the federal government. Perkins loans are managed by your school. The government provides a set amount of funds to each participating school.

How do I know if my student loan is federal or private?

The best way of determining whether loans are federal or private is to log in to the National Student Loan Database, at www.nslds.ed.gov. The Department of Ed. makes it clear that only individual borrowers are allowed to log into this site, not third party companies or financial advisors.

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Do you have to pay back Perkins loans?

If you were an undergraduate or graduate who took out Perkins loans before they were discontinued, you’re still required to repay them. But because of low (and fixed) interest rates and lots of forgiveness options, there are many ways to make Perkins loans repayment more manageable.

Are Perkins loans need based?

A Perkins loan is a need-based student loan that had a fixed interest rate of 5% on a 10-year repayment period. The Perkins loan was subsidized by the federal government, which meant interest did not accrue during the nine-month grace period associated with the loan.

How do I know if I have a federal Perkins Loan?

You can also call the Federal Student Aid Information Center, 1-800-4-FED-AID, TDD 1-800-730-8913. The Center’s counselors can help you figure out what types of loans you have. Federal loan promissory notes and applications will state the name of the federal loan program (Stafford, PLUS, Perkins, FFEL, William D.

Can you defer Perkins loans?

Loan Deferments/Forbearance

You may qualify for a Deferment on your Perkins Loan that is not in default. During deferment, you can delay payment with no interest accruing during the deferment period. … Forbearance can be granted in intervals of up to 12 months for a total of 3 years.

Are Perkins loan payments suspended?

Yes. Both payments and interest are automatically suspended on all federally held Federal Perkins Loans from March 13, 2020 through January 31, 2022. On a voluntary basis, schools that hold Perkins Loans may choose to provide the same suspension of interest and payments to the loans they hold.

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