A Breakdown of trainee Loans

Perkins Loan - A Breakdown of trainee Loans

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As cooler months approach and leaves turn their colors, the biggest query some college students face when heading back to school is how to pay for it. Scholarships and grants typically do not cover all the expenses of tuition, books, and housing. Borrowing money from their university, the government, of private-sector lenders is what pays the bulk of many students' study costs.

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Perkins Loan

Federal Loans

Stafford and Federal Perkins loans have low interest rates, deferment options, and do not require a credit check. To be eligible for these loans you must complete a Fafsa form each year and sign a master promissory note. A promissory note is a legal document binding you to repay your loan based on the terms of the note. These loans are distributed by your school and the remaining funds can whether be set aside or given to you in a check. Federal loans may be subsidized or unsubsidized, depending on the preference of the borrower.

· Subsidized loans are based on financial need. The government pays the interest while you are in school, and you have a six month grace period after graduating to begin repaying your loan

· Unsubsidized loans require you to pay the interest from the time you are awarded the loan, but you can defer the payments until you have graduated adding the interest estimate to your loan balance

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