Federal Perkins Loan Qualifications/Requirements
The Federal Perkins Loan is a low-interest student aid awarded to eligible applicants with exceptional financial needs. It is a campus-based type of government loan program designed to finance the educational expenses of students like college tuition fees, board and lodging, and course-related projects. Undergraduate, graduate, and professional students can be granted a Perkins loan provided that they meet the set of qualifications framed for this program.
Qualifications and Requirements
The following criteria must be complied by an applicant in able for him to obtain a Perkins loan:
- Financial need - The applicant must demonstrate a great financial need to fund his college education. This need will be determined through the "expected family contribution" information he provided on his loan application.
- Citizenship - The borrower must be a U.S. citizen, naturalized, or a permanent resident. For non-citizen eligible applicants, they must show and submit the required immigration papers.
- Social Security Number - The student applicant must have a valid Social Security Number.
- FAFSA application - The student needs to file and complete a loan application online through the FAFSA website. Personal information like the applicant's full name, Social Security Number, citizenship, and marital status need to be furnished.
- Secondary education graduate - The applicant must be a graduate from a public or private high school and have obtained a high school diploma, or a General Education Development (GED) certificate (a credential equivalent of a high school diploma acquired by the student through successfully passing a state-authorized examination recognized by the state and the Department of Education).
- Course enrollment - The borrower must be officially enrolled in a course program he chose in a college or university that participates the Perkins loan program.
- Record/status of other student financial aids - Other federal student loans obtained by borrowers should not be in default. They should also certify that they do not owe a repayment of any government-sponsored student loan. For borrowers with defaulted loans or who owe an overpayment of any loan, they should make satisfactory arrangements with the government to pay the debts.
- Promissory note - Applicants must complete and sign a promissory note. A promissory note is a legal contract stating that the borrower has promised and express his willingness to pay the borrowed fund according to the loan's terms and conditions.
- Selective service registration - For male student applicants born on or after January 1, 1960, or at least 18 to 25 years of age upon the date of enrollment, they must be registered with the Selective Services prior to receiving the loan.
- Satisfactory academic performance - Student borrowers should maintain an acceptable academic progress. They must attain the required GPA average or higher during the probationary status of the school where they enrolled in. It is imperative that they keep up a consistent academic grade required to pass the course program leading to graduation.
- Medical internship - The borrowers must not be serving in a medical internship or residency program, except if, the internship is a requirement in the program they are enrolled in.