Federal Perkins Loans are low-interest education loans for undergraduate and graduate students who demonstrate exceptional financial need. The school acts as the lender using a limited pool of funds provided by the federal government.

To determine if you may be eligible for this type of school loan, it’s important to complete a Free Application for Federal Student Aid (FAFSA), even if you don’t think you’ll be eligible for financial aid. Eligibility for this type of school loan will be defined in the Award Letter from your school.

Tip: If you are awarded a Perkins Loan, start with it first since it offers the lowest interest rate available.

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