Federal Perkins Loan
Federal Perkins Loan is awarded to those who demonstrate financial need. No repayment is due and no interest accrues until nine months after you graduate, leave college, or cease to be a half-time student. The simple interest rate is five percent and the minimum repayment if $40 per month based on a ten year repayment plan.
Portions of the debt may be cancelled for teaching in certain communities or neighborhoods, or for service in Head Start programs, Peace Corps, law enforcement, special education, math, science, foreign language education and nursing.