How To Pay Off A Perkins Student Loan Quickly


The Perkins Loan is a Federal Student Loan provided by the U.S. government
to undergraduate and graduate students in need of financial assistance. Perkins
are allotted to students based on their current income status.

It is recommended that students apply for federal loans such as the Perkins
Loan, and others, before applying for private student loans. Students are
also encouraged to apply for grants and scholarships before seeking out any
type of loan.

U.S. students may apply up to $27,500 in undergraduate school related fees.
Graduate students may apply for up to $60,000 in school related fees.
School related fees include items such as school tuition, housing, meal
plans, books, etc.

It is important when researching loans to pay close attention to interest
rates. Federal Loan Interest rates are normally less expensive than Private
Loan Interest Rates. The Federal Perkins Loan Interest rate is only 5%.
This is a set interest rate for all students.

Upon qualifying for a Perkins Loan, students may make payments directly to
their school. Please be aware that not all schools qualify for a Perkins
Loan, but there are approximately 1,700 schools in the U.S. that can grant
Perkins Loans to students.

How to apply for a Federal Perkins Loan

There are a few simple steps to applying for a Federal Perkins Loan. Most
schools provide students with a Financial Aid Department, which can also
assist in this process.
The first step to applying is to complete a form for all Federal Student
Loans called the FAFSA (Free Application for Federal Student Aid). This
application can be found on the following web site-

The next step is to fill out a Perkins Promissory Note. The Promissory Note
is a legal contract the student must sign before obtaining government
funded loans. A copy of this document will be given to the student; it
details the agreement specification and repayment options such as interest
rates, forbearance, and grace periods.

Upon completion of these applications, students are awarded varying
amounts. Some of the determining factors on how much a student receives are
the student’s income level, the amount of loan money the school still has
available and the amount of other student loans obtained by that student.

How do I pay off a Perkins Loan?

One benefit of applying for a Perkins Student Loan is that those in certain
professions may be eligible for a student loan deduction or write off. For
example, both teachers and those in the Peace Corps are eligible for
reductions in their loans, based upon how much they owe in loans and how
long they work in respective fields.

Upon graduating, students have nine months to seek employment and begin
paying off this type of student loan. This applies for students that are
enrolled in school at least half-time. If a student is not enrolled in
school at least half-time, there is a possibility that the nine month grace
period will start before graduation.

It is also worthwhile to note that students do not have to pay interest for
a Federal Perkins Loan until after graduation. For more information on
Perkins Loans log onto the U.S. Department of Education Website-

Is A College Degree Worth It Any More?

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Today college and post secondary education costs are steadily on the rise and with expanding technology threatening some of the higher paying jobs, its no wonder that many people are questioning the value of a college education.

Only 20 or 30 years ago no one hardly even questioned the value of a college degree. Sure, a couple of skeptics liked to point out that neither Bill Gates nor Steve Jobs graduated from college, and parents complained about the tuition bill. Still, when college acceptances went out in the spring, people cheered, believing that admission represented the ticket to a good job and career.

If you’ve been paying attention to tuition costs for colleges and universities for the past several years, you’ve probably noticed that the price of higher education has increased dramatically.

According to the IES National Center for Education Statistics, while the average cost of tuition in current dollars at all universities in the 1990-91 school year was $6,562, it nearly tripled to an average cost of $17,143 by the 2008-09 school year.

As noted by a report from the nonprofit College Board, costs for public four-year institutions in 2010 increased 7.9 percent to an average of $7,605, while private nonprofit colleges and universities jumped 4.5 percent over the previous year to an average cost of $27,293.

The steady rise in tuition over the past few decades has left many wondering whether the cost of college matches the payoff for graduates once they receive their diplomas.

To see that average incomes for bachelor’s degree recipients haven’t increased much over the past couple of decades but tuition has skyrocketed over roughly the same period makes some question whether higher education is actually worth the cost.

What’s interesting is that a recent study conducted by Country Financial revealed 26 percent of Americans surveyed believe a college education isn’t a good financial investment. The main reason respondents felt this way is because college costs have increased too much and there simply aren’t enough job prospects available once students actually earn their degrees.

However, according to the authors of Academically Adrift: Limited Learning on College Campuses, there is even more reason to believe college isn’t a good investment.

The authors found that 45 percent of students in higher education make no gains in their critical reasoning and thinking skills, or writing ability, after two years of college. Even worse, more than one out of three college seniors were no better at writing and thinking than they were when they first arrived at college.

It’s a good idea to create as long-term a plan as possible. Look at the career you want to pursue, how much education is required to obtain the training necessary and what schools provide great values for the education received.

Also, you want to look at ways to finance your education. Of course, the best route is to acquire scholarships, grants or other sources of funds that allow you to pay for college without student loans. Also, you could consider working on- or off-campus to help finance your education. You might even be able to take advantage of tuition reimbursement from your company.

Tips for student loan consolidation


Tired from paying interest on student loans every month, afraid of the deadline of paying back loans, there is a solution of your tensions, STUDENT LOAN Consolidation. In student loan consolidation, a student may enjoy many benefits; some of them are following below.

  1. lower monthly payments
  2. only one monthly payment rather than paying separately
  3. Student loan consolidation rates are very low, fixed interest rate cannot exceed 8.25% at any time, coupled with national interest rates at a 40-year low.
  4. For the application of student loan consolidation, you don’t have to offer any credit card check or processing fees.
  5. the terms and payment plans of student loan consolidation are very flexible, the provider can mode them according to your financial needs
  6. While you don’t need to consolidate in order to take advantage of this one, you can knock an additional .25% off your rate by making your monthly payment electronically. This electronic debit option does more than save you money – it decreases your chances of forgetting a payment.
  7. The option to prepay your loan at any time without incurring a penalty

Sometimes a student got confused about the qualification of applying for student loan consolidation. But now government clears that students who are still in their grace period or cannot re pay their owe money on a student loans can qualify to get student loan consolidation or those who are still in school may consolidate their government-guaranteed loans

Today in the market, there are many companies offering student loans to the college students, but when it comes to their interest rates, they are charging very high. A student has to pay interest on their loans, every month, which is quite impossible for some due to lack of money and time. When it comes time to pay back their student loans, it can be a real burden and a distraction from their career. For those, student loan consolidation is a best deal and step to follow. In this, you don’t even get low interest rates, but can enjoy other facilities including grace period of six to nine months, only one monthly payments, tension-free mind etc.

Due to existence of government sector, a student has an opportunity to enjoy the offers given by the government as they are quite competitive than private. Student loan consolidation rates is fixed and cant be changed after signing the contracts and whenever student has graduated or ceased to be a full time student, he can also enjoy the benefit of grace period of six to nine months which allows him to get employed and repay their loans easily.

Refinance Student Loans – How and Why?

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Let’s face facts. Going to college these days, especially private universities, is no cheap task and can put you well into debt before you even enter the “real world” for yourself. Most people, especially young college students, do not have the tens of thousands of dollars to pony up every year for college tuition either. Therefore, most college students choose to use student loans to put themselves through college, whereby they can pay the tuition without breaking a sweat. However, when it comes time to graduate from college and pay these student loans back, many people do not know where to begin. How about refinancing these loans before you even start anything else?

Advantages of Refinancing

By refinancing your student loans, you can save yourself hundreds, even thousands of dollars before you start repaying your loans, an option that many people fail to use. When you leave college, chances are that you have a variety of loans on the books with an array of different interest rates attached to each one. Refinancing these loans can help you to lower these interest rates, or, at least, bring some of them down, thus lowering your monthly payments and saving YOU money in the end. Even if all of your interest rates cannot be refinanced, chances are that you can save money in some places through refinancing.

Where To Refinance?

But, when it comes to refinancing, where do you turn to find a reliable place to lower your interest rates? The Internet may just be your one-stop-shop for refinancing your student loans from college, as you can search a variety of sites that offer refinancing services to suit your needs. Be careful though. Not every web site offering financial help will actually help you, and non-credible sites may actually just be out to steal a buck from you. Deal with those college student loan web sites that deliver real refinancing results and are properly licensed. Then, sit back and enjoy your money-saving tactics.

This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Refinance Student Loans at

About The Author

Vanessa McHooley

My goal is to help every student succeed – education is one of the most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from San Diego California.

Written by: Vanessa McHooley

A College Loan Will Finance Your Education

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A college loan has given people all over the United States a chance to further their education, even if they are not making a lot of money. Education loans can be a big help in paying for college. You’ll find these loans offer a low interest rate and a generous repayment period. Of course, student loans must be repaid, usually with interest, although some education loans have provisions for cancellation if the borrower performs a program-related service. If you are looking for a loan, be aware that there are many different types of loans. Try to find the student loan that fits you the best. For example, there is a loan called the Federal Stafford Loan. The Federal Stafford Loan is the most widely used loan in the student education loan program. Federal guidelines limit the maximum interest rate to no more than 8.25% and outline repayment terms of up to 10 years. Remember that if you ever need help or are falling behind on payments, consider a consolidate student loan.

Tips on getting a deferment for your College Loan.

If for some reason you are unable to meet your monthly payments, consider a college loan deferment. A deferment is a suspension of payments for special reasons. Usually, those who borrowed their first Stafford Loans after July 1, 1993, are eligible to defer payments if are enrolled in at least half-time at an eligible school, unemployed, in a graduate fellowship program, in a rehabilitation training program for people with disabilities, or suffering economic hardship. A college education is expensive, but with the right student loan you will be attending class without financial worry in no time!

Mike Yeager

Written by: Mike Yeager