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The benefits of the federal direct student loan program

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Ford Federal Direct Loan programs. If you have your eye on Perkins financing, the keys to winning a loan are filing early and meeting federal financial aid eligibility requirements. Getting a Perkins Loan: The Federal Government metes out funds directly to colleges and universities for some campus-based aid programs; including Perkins Loans. Individual colleges evaluate your financial aid needs based on information you submit to the government. Financial aid administrators match-up your college funding requirements with whatever grants, scholarships and loans are available to tackle your bills.

Federal Perkins Loans for College Students

If your ability to pay for school is significanly hindered by your economic background, Perkins loans bridge the affordability gap that remains after all other forms of financial aid are exhausted. Your Perkins pursuit begins by submitting a standardized federal financial aid request.

The application gathers data about your family and finances. Federal FAFSA filing deadline is June 30th, but individual states and campuses impose their own unique filing requirements. The application can be filed any time after January 1st, so students who are counting on federal aid; especially Perkins Loans, are encouraged to file as early as possible.

Spanish-speaking students apply here. The form is used by individual institutions of higher learning to evaluate your college funding outlook, and contains vital determinations like your Expected Family Contribution EFC. Considering family income limitations and the number of siblings you have that are also attending college, your EFC represents a baseline contribution that falls within your means.

Formal offer letters from university financial aid offices break down the types of assistance the college is extending to you. Perkins Loan Limits For limited-credit college students, federal loans present attractive borrowing options, because Perkins and other government loans are not dispensed based on credit worthiness.

Student Loans without a Middleman

Regardless of your credit historyyou may be approved for Perkins loans. The school you attend becomes your Perkins lender, and not all universities participate in the program. Unfortunately, due to limited funding, some students who qualify for Perkins Loans do not receive them. Your best strategy for winning Perkins Loans: As long as you are enrolled in college at least half time, your loan interest does not accumulate.

Guide to the Federal Direct Student Loan Program

You must begin repayment within 9 months of leaving school, or risk default. Your Perkins Loan promissory note binds you to the contract, so failing to follow through with scheduled payments has devastating credit consequences. Your loan may be administered by a student loan servicing company.

Tackle repayment difficulties before they snowball into credit catastrophes. Once you are in default, it is hard to mitigate damage to your credit record.

Consider these repayment approaches and credit-saving strategies that might be at your disposal: When you lose your way, paying back your college debt, apply to your Perkins Loan servicing company for a loan hardship deferment. Do you have multiple federal student loans? Do you send monthly payments to a number of different billing agencies?

Do you sometimes struggle to make all your required payments?

Federal student loan benefits

If you answered yes to any of these questions, then take our financial self-assessment quiz. Get Your Perkins Loan Cancelled If you are a student teacher receiving a Federal Perkins Loan, you may qualify for partial or full loan cancellation when you agree to work full-time in a critical need teaching capacity. Qualified teacher shortages are addresses with generous educational aid programs that allow teaching students to trade service for funding.