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Our Best Answer: What is a Perkins Loan?

Perkins Loan

A Federal Perkins Loan is a need-based student loan offered by the U.S. Dept. of Education to help American college students fund their post-secondary educations. LaGuardia students must be enrolled at least half-time in their current session in order to receive the funds. Online pre-loan entrance and exit counseling is required. If you have been accepted to LaGuardia, you may apply by completing the Free Application for Federal Student Aid (FAFSA).

Awards range from $900 to $1,800 for each year of undergraduate study. The total debt cannot exceed $20,000 as an undergraduate.

Continued eligibility is dependent on maintenance of Satisfactory Academic Progress (SAP). The current interest rate of 5% is payable during the repayment process and begins six months after graduation or leaving school and may extend over a period of 10 years. Payment is not required for up to three years of active U.S. military service or service in the Peace Corps, VISTA or similar national program.

See Federal Perkins Loan (FPL) on our Federal Programs page for information on defaulted loans.

For general information on financial aid at LaGuardia, visit our Financial Aid website.

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