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Benefits of Federal a Perkins Loan

perkins loan benefits

Discover the Perks of a Federal Perkins Loan

Every year billions of dollars are awarded to students in federal student aid. The federal government offers many different types of student loans such as Subsidized Stafford Loans and Unsubsidized Stafford Loans, as well as the PLUS Loan to parents to help their student pay for school.

One of the most popular federal student loans is the Federal Perkins Loan, which is a low interest government loan that is offered to students who exhibit financial need. We highly suggest a Perkins Student Loan for three main reasons:

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  1. You don't need a cosigner - This is a great first loan to get on your own because you don't need a cosigner to extend their good credit to you to get it.
  2. You can have bad credit or no credit - Since you most likely have no established credit, or you may have bad credit from previous credit card charges, you are still eligible to receive a Federal Perkins Loan.
  3. The government pays your interest - This is the most appealing and money-saving benefit of the Federal Perkins Loan. The federal government subsidizes all Perkins Loans, so as long as you are enrolled at least half-time in a degree program, and while the loan is in any type of deferment period, the federal government picks up the tab for the interest. You will end up saving thousands of dollars in interest once you finally start to pay back your loan.

Perkins Student Loan Cancellation for Teachers

One of the major benefits of getting a Federal Perkins Loan if your goal is to become a teacher is that you may qualify for a teacher loan cancellation. This means that 100% of your Federal Perkins Loan will be cancelled and paid for by the Federal Government. All you have to is fill out an application with the school that holds your Federal Perkins Loan, and they will determine if you qualify.

In order to be eligible you must:

  • Teach in a school that has a high concentration of low-income students. A "low-income school" must have qualified for federal funds in the year for which the cancellation is sought, and more than 30 percent of the school's enrollment must be made up of children from low-income families.
  • Teach special-education students, which include infants, toddlers, children, or youth with disabilities. You must teach one of these subject areas: Speech and Language Pathology, Audiology, Physical Therapy, Occupational Therapy, Psychological and Counseling Services, or Recreational Therapy.
  • Teach a subject that is considered to have a shortage of qualified teachers for that subject in your specified state. These subjects include: Mathematics, Science, Foreign Languages, Bilingual Education, or any other subject as determined by a state education agency.

You are also eligible to receive a deferment on your Federal Perkins Loan while you are in the process of the above eligibility requirements. You will need to contact the university that holds your student loan and fill out a deferment application.

These are just a few of the reasons why a Perkins Student Loan is the best student loan to get to help you pay for college. If you'd like to see your other student loan options, you can refer to our student loan comparison page.

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