When you’re going

When you’re going to college and looking into student loans, but your credit isn’t or is very good, you may need a cosigner and can’t get one. This is the time to look into the federal no cosigner student loans program – the Federal Perkins Loans. It’s the perfect bad credit no cosigner student loans program offered today. Terms, rate and the student loans repayment options are second to none being offered in the student loan market. Let’s look deeper into the dynamics of this federal program offered by the government to see how it may work for you.

Paying for college often takes a bit of creativity, and many first time college students have no clue as to where they should begin to look for funding. Here is information that you need to know about Federal Perkins Loans. These loans are a bit different from other types of student loans such as private student loans. First, you don’t actually apply for Federal Perkins Loans. Instead, you ask your financial aid office about them. The funds for these loans are made available to the schools that participate in the program, and it is the school that determines which students get these awards, and the amounts that they are awarded. The information that is usually used to determine your eligibility for this type of loan comes from your Application for Federal Student Aid (FAFSA), which you will fill out to apply for a Stafford Loan.

Most schools will require you to apply for federal grants and the Stafford loan before you will be considered for a Perkins. Schools receive limited funds each year from the government, and those funds are distributed to the students who have the greatest financial need first, in most cases. It is important to remember that this is a loan – not a grant – and it must be repaid.

Unlike the Stafford Loan, Federal Perkins Loans are repaid directly to your school. There is a 5% interest rate, but the loan is subsidized. This means that for as long as you are in school and eligible for the deferment of the loan, the federal government will pay the interest and interest only starts adding up on the loan once you start repaying the loan. Unlike Stafford Loans, you have up to nine months after graduating, dropping below half time status, or leaving school to start repaying a Federal Perkins Loan, and you have ten years to repay it. This loan program is a good choice whether you need bad credit no cosigner student loans or not.

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