6 important things you need to know about your Perkins Loan

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When I calculated my entire loan amount, I totally forgot about my perkins loan that I had through my school, tulane. Thank goodness I finally remembered because my school as well as other schools require an exit interview before you leave.

Some key information about your perkins loans

1. it is a need based student loan from the DOE that carries a fixed interest rate of 5% for 10 year repayment period
2. you school is your lender
3. it carries a 9 month grace period from the time when you fall below half time status, graduating, or withdrawing from your studies.
4. interest does not begin to accrue until the borrower begins to repay the loan thus there is no accrued interest during the grace.
5. loan limit for graduate students is 6000 dollars per year and lifetime limit of 40,000
6. I will apply for educational hardship deferrment before my 9 month grace is up.

some links about perkins loans

• Wiki answers what is a perkins loan
  
• finaid.org has some good info about student loans in general.

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