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What is a Federal Perkins Loan? A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with financial need. Your school is your lender. The loan is made with government funds with a share contributed by the school. You must repay this loan to your school. Is there a charge for this loan? A Perkins Loan borrower is not charged any fees to take out the loan. However, if you skip a payment, make a payment late, or make less than a full payment, you might have to pay a late charge. How will I be paid? Your school will either pay you directly or credit your account. Generally, you'll receive the loan in at least two payments during the academic year. When do I pay back this loan? If you're 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 (you may have longer than nine months if you are on active duty with the military). If you're attending less than half time, check with your financial aid administrator to determine your grace period. At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay. What is a Stafford Loan? It’s a loan made under the Federal Family Education Loan Program (FFELP) to an eligible student. The interest on the loan may be subsidized by the federal government or unsubsidized. The Stafford Loan program is by far the most popular form of financial aid offered in FFELP. It is available to both undergraduate and graduate students. This is a form of financial aid that must be repaid. Currently Stafford loans are experiencing historically low interest rates, but this program has a cap so that the interest rate can never exceed 8.25%. Subsidized and Unsubsidized Stafford Loans There are two categories of Stafford loans: subsidized and unsubsidized. The difference between the two is the amount of interest you pay on the loan. Subsidized loans are those loans for which the government pays the daily interest your loan builds while you are enrolled on a half-time or greater basis and during any approved periods of deferment or forbearance. The government distributes subsidized loan amounts based on financial need. Unsubsidized loans are those loans for which you, the borrower, have to pay all accrued interest. The government does not offer any assistance relating to interest payments for unsubsidized loans. How will I be paid? Your school will disburse your loan in at least two installments; no installment will be greater than half the amount of your loan. If you're a first-year undergraduate student and a first-time borrower, your first disbursement can't be made until 30 days after the first day of your enrollment period. Whatever your loan type, your loan money must first be used to pay for your tuition, fees, and room and board. If loan funds remain, you'll receive them by check or in cash, unless you give the school written permission to hold the funds until later in the enrollment period. How do I Apply? 1. The first step to finding out whether you qualify for a Stafford loan or not is to complete the Free Application for Federal Student Aid (FAFSA ) . See http://www.fafsa.ed.gov for more information. The results of your application will tell you whether you qualify for a Stafford and what your loan limits are. 2. Once you know that you qualify for a Stafford, the next step is to apply for one. Luckily you can apply for a Stafford loan online, and if you have your Personal Identification Number (PIN) from the Department of Education, you can sign your application electronically as well, speeding up the processing time even more. When do I pay back my Stafford Loans? After you graduate, leave school, or drop below half-time enrollment, you will have a six-month "grace period" before you begin repayment. During this period, you'll receive repayment information, and you'll be notified of your first payment due date. You're responsible for beginning repayment on time, even if you don't receive this information. Payments are usually due monthly. How do I pay back my loans? You’ll repay your FFEL Stafford Loan to a private lender. You’ll repay your Direct Loan to the U.S. Department of Education’s Direct Loan Servicing Center. Both the Direct Loan and FFEL programs offer four repayment plans you can choose from, but the terms differ slightly. You will receive more detailed information on your repayment options during entrance and exit counseling sessions your school will provide. To read more now about repayment plans under both programs, go to the Repaying section of this Web site. For more information, please visitwww.FinancialAid.com