Perkins Loans for Veterans

Many veterans would like to go to college and earn a degree, but they shy away from doing so because of the costs associated with it. College degrees can cost a lot of money, depending on the college you attend, but earning a degree will also usually help you earn more money per year, and over the course of your career. Those with a degree also usually have a lower unemployment rate. The good news is that there are Federal Perkins Loans available that help with tuition costs.

Perkins Loans, as they are called, are issued by the federal government. They are given to those who have a low income and need help paying for college tuition. While many people question whether or not they should take out loans in order to go to college, many people would not be able to go to college without taking out loans to do so. Perkins Loans help make college possible for many veterans.

About Perkins Loans for Veterans

Before taking out any student loans to go to college, it’s a good idea to know all about the loan you will be receiving. Whether you ultimately take out a Perkins Loans or you decide to take out another type of student loan, be sure to get all the details regarding the loan, so you can compare and determine which one offers the best opportunity. Here are some important things to keep in mind about Federal Perkins Loans for veterans:

• Perkins Loans are low interest education loans. That’s one of the reasons why they are so helpful and popular. Unlike many other types of student loans, they keep the interest rate very low, so that it helps make it affordable for veterans to go to college.
• The loans are all federally funded, which means the government is the one that is issuing the loan. You won’t have to go through a bank or third party to try and obtain a loan.
• You will not have to start paying back on your Perkins Loans for as long as you are attending college. Once you graduate, leave school, or drop below attending school part time, you will have to start paying back on the loans after a nine-month adjustment period. They give you nine months after you are finished with college and then you will have to start making monthly payments on the loan.
• Those who are attending college less than part time will have a different time table in which they will have to start paying back on their loan. You can find out what that amount is by contacting your college’s financial aid office.
• There are scams out there that involve Perkins Loans. It is important that if you are going to obtain a Perkins Loan you make sure you are getting it from a reputable federally-funded source. Avoid giving out your personal information unless you know it’s a legitimate source you are providing it to.
• You will have to continue following the guidelines to stay eligible and receiving the loan each year as you attend college.

Perkins Loans Eligibility

Perkins Loans for veterans are available to most, depending on their circumstances. You have to meet the eligibility requirements in order to qualify for the loan. The requirements include having an economic need, being a citizen or legal immigrant, and are enrolled in an eligible college program. Be sure to check with the federal government to ensure the college you want to attend is eligible. The majority of public colleges qualify, but some private ones may not be.

There is no income limits when it comes to getting a Perkins Loan. Each person’s case is considered individually to see if they qualify for a loan. The government will consider how many people are in your household, what your income level is, and other factors, when determining if you qualify for a loan and if so, how much you will receive.

Perkins Loans for veterans makes it possible for many people to go to college. By obtaining a low interest loan, you can get the education you want, and you will not have to pay a lot of money in interest on the loans that funded it. You can apply for the loans online. To apply, click here.