05.18.07
Do Perkins Loans need to be re-paid?
Here’s a question I’ve heard a lot recently:
Do Perkins loans have to be repaid?
And the answer is an overwhelming YES! It’s a loan therefore it must be repaid. The Perkins loan is a low-interest rate loan for undergraduate and graduate students which exceptional need. Most people will not get a Perkins loan.
All loans must be repaid – you are borrowing money from someone else (in the case of Perkins loans, you borrower from the U.S. government) and must pay it back. That is why I highly recommend you find as many grants and scholarships as you can. Grants and scholarships are free money and do not need to be repaid.
Josephine Broxton said,
May 18, 2007 at 7:36 pm
I would like to borrow $1500.00 to retake a graduate course. Can you help?
moniqueleonard said,
May 21, 2007 at 12:29 pm
Hi Joesphine, I’m not a lender so I can’t lend you the money, but there are lots of options for graduate programs. You may be qualified for a graduate PLUS loan, deoending on your graduate program. Visit http://www.gradloans.com/graduate-plus-loan/ to learn more. A FAFSA is required to get this loan, but the PLUS loans are not credit-based which could be helpful.
Another option is a private loan. These are credit-based loans with variable interest rates. You can learn more at http://www.acteducationloans.com/graduate_loans/
Good luck!
moniqueleonard said,
May 21, 2007 at 12:30 pm
I nearly forgot – don’t forget about scholarships and grants! Most graduate students give up on scholarships, but they are your best option as they don’t need to be paid back! Take a look at http://www.studentscholarshipsearch.com/ to do a free search for scholarships.