Perkins loan


A need-based, low-interest loan available to students rather than their parents. The amount of the loan is determined by each college and is based on the expected family contribution. The student will be held responsible for this loan, not the parent. Repayment doesn't begin until after a student graduates, falls below half-time student status, or leaves college. After graduating, a student typically has a nine-month grace period during which interest doesn't accrue. Perkins loans offer low interest rates to students and can be repaid within ten years.

Use Perkins loan in a sentence

You may want to offer out a perkins loan to some kids in the community if you want to get a good reputation.

​ Was this Helpful? YES  NO 10 people found this helpful.

The perkins loan was vital to the student being able to pay for college as the student demonstrated the ability to graduate.

​ Was this Helpful? YES  NO 11 people found this helpful.

I am going to a graduate school and qualified for a Perkins loan due to my exceptional financial needs, the schools financial department told me that they are giving me the money and I will have to pay them back at a 5% interest rate. The amount i receive is based on school funds.

​ Was this Helpful? YES  NO 6 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Stafford loan Parent Loans for Undergraduate Students