Under federal law, the authority for schools to make new Perkins Loans ended on September
30, 2017, and final disbursements were permitted through June 30, 2018. As a result,
students can no longer receive Perkins Loans. A student who received a Perkins Loan
can learn more about managing the repayment of the loan by contacting Kingsborough
Community College. What is a Federal Perkins Loan? A Federal Perkins Loan is a low-interest (5%) loan that was awarded to students with
exceptional financial need. The Perkins Loan is not a grant, it is a loan, which means
that all funds borrowed must be repaid. The loan is made with government funds and
a share contributed by 91制片厂Pro. This loan must be repaid to
91制片厂Pro. Award amounts Prior to September 30, 2017, students could be awarded up to $5,500 for each year
of undergraduate study. The maximum amount students can borrow as undergraduates is
$27,500. Repayment Students are not required to make loan and/or interest payments while enrolled in
school. After graduating, withdrawing or dropping below half-time (6 credits), students
are given a grace period of 9 months before repayment of the Perkins Loan begins.
When students cease to be enrolled, they must complete an , which will once again review the financial responsibilities of borrowing a Perkins
Loan, the repayment agreement, and repayment options. Several options exist to repay
this loan; the minimum monthly payment begins at $40.00 per month. Deferment, Postponement, and Cancellation Students may defer or postpone payments for a variety of reasons as discussed during
the . The also discuss the fields of work for which Perkins Loan cancellation is possible.
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