How long do you have to pay back a Perkins loan?

How long do you have to pay back a Perkins loan?

The repayment term for Perkins loans is 10 years.

Do you have to pay back Perkins loans?

The Federal Perkins Loan Program provided money for college or career school for students with financial need. Paying back your Perkins Loan: If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.

How soon do you have to pay back student loans?

For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period (sometimes nine months for Perkins Loans) before you must begin making payments. This grace period gives you time to get financially settled and to select your repayment plan.

What replaced Perkins loans?

But while the Perkins loan is no longer available, there are other funding options for students who demonstrate financial need, so be sure to fill out the FAFSA to see what you can qualify for. One of the options for undergraduates is the federal Pell Grant.

When do I have to start repaying my Perkins Loan?

Borrowers could choose to start repaying the loan on the 10th month after they graduated, withdrew or dropped out from their school, or fell below half-time student status. There are two important differences between the Perkins loan and other federal student loans.

When did the Federal Perkins Loan program end?

The federal Perkins loan program, which provided low-interest loans to students with exceptional financial need, expired in 2017. What Happened to the Perkins Loan? The federal Perkins loan was an appealing option for undergraduate and graduate students who showed exceptional financial need when looking to pay for school.

Who is eligible for the Perkins Loan program?

Undergraduate and graduate students who demonstrated exceptional financial hardship were eligible for the Perkins loan until Sept. 30, 2017. As with other forms of federal financial aid, students needed to first fill out the Free Application for Federal Student Aid, or FAFSA.

How long is the grace period for a Perkins Loan?

The chart on the next page shows the length of initial and post- deferment grace periods for Perkins Loans. The first contact must be 90 days after any grace period (initial or post-deferment) begins. The school must remind the borrower that he or she is responsible for repaying the loan.