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The Federal Perkins Loan
Also referred to as Perkins Loan, the Federal Perkins Loan is a need-based student loan, which is offered by U.S. Department of Education to help American college students for their post-secondary education. This low interest program holds just 5% of fixed interest rate for the ten-years of duration, which is the repayment period.
The Perkins Loan program generally gives 9 months grace period, so that borrowers begin repayment from the tenth month till withdrawing from their college or university. The major benefit of this loan program is that the interest does not begin to accrue until the borrower begins to repay the loan.
The borrowers, who carry the profession of teacher and work especially in low-income schools or for shortage areas such as - math, science, and bilingual education are eligible to have all or part of their loans canceled,. The cancellation takes place according to the graduating scale like - 15% for year 1, 15% for year 2, 20% for year 3, 20% for year 4, 30% for year 5.
The eligible Students can get Perkins loans from any of participating postsecondary institutions of U.S.A.