Federal Perkins Loan

Perkins Loan - Federal Perkins Loan

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The Perkins loan is a federal pupil loan available for students attending an accredited college or university. Students must be in their first undergraduate or graduate schedule and have any amazing financial need. In order to conclude if a pupil is eligible to receive a Perkins Loan, students must faultless and submit the Fafsa, or Free Application for Federal pupil Aid.

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Perkins Loan

Students will receive an Efc score from the agency of Education, which will conclude how much a pupil is eligible to receive in federal financial aid. Students that are unable to contribute will have a score of 0, while a pupil that is able to pay for all college expenses will have an Efc score of 3,000. As you can see, the range for an Efc score is in the middle of 0 and 3000. Students in the lower Efc score range will be eligible to receive a Perkins Loan.

The student's college/university is the lender of the loan, which means all disbursements will be made out to your school. The lending process is fairly simple. First, the federal government will distribute federal funds to participating colleges, who then lend these funds to attending students. When the pupil had completed their schedule or is no longer enrolled then they will make all repayments back to their school, who will then send the borrowed funds back to the federal government.

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