May 18, 2007

Do Perkins Loans need to be re-paid?

Posted in Grants, Scholarships, The Financial Aid Process at 3:13 PM by Joe From Boston

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.



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  2. 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 to do a free search for scholarships.

  3. 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 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

    Good luck!

  4. Josephine Broxton said,

    I would like to borrow $1500.00 to retake a graduate course. Can you help?

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