Minnesota residents who attend participating colleges are eligible to borrow up to ,000 each year, at a fixed rate of 7.25%.
Cosigners provide credit reinforcement that enables students with limited credit to apply.
Perkins Loan repayment starts 9 months following graduation, witha fixed 5% interest rate.
Students considering this loan should pay close attention to how their total repayment costs might be affected.
Consolidating and extending the repayment schedule of your loans can add considerable costs to your total obligation.
Consolidation Loans For students holding multiple federal loans, this program facilitates combining them into a single loan.
A single monthly payment replaces the need to pay each loan individually, and the repayment terms of the loan can be extended for up to 30 years.
The loans are extended to students who have the greatest financial need.
In general, families with annual incomes below ,000 are eligible for Perkins Loans.
Borrowers must be able to pass a credit check, and the student whose education is being funded must be a dependent that meets these minimum requirements: Parents access PLUS loans by filing an application, and signing a Master Promissory Note (MPN).
Interest rates are fixed at 7.9%, and borrowing limits are determined by subtracting all other financial aid award amounts from the total cost of attending school.
Your high-school guidance counselor and college financial aid office are equipped to sort out the specifics for your state.
You can also find valuable information on state higher education websites.
State-specific funding varies – some have none, while others have a great deal.