A Federal Perkins Loan, or Perkins Loan, is a need-based student loan offered by the U.S. Department of Education to assist American college students in funding their post-secondary education. The program is named after Carl D. Perkins, a former member of the U.S. House of Representatives from Kentucky. Student financial aid refers to funding intended to help students pay tuition or other costs, such as room and board, for education at a college, university, or private school. ... Student loans are loans offered to students to assist in payment of the costs of professional education. ... ED headquarters in Washington A construction project to repair and update the building facade at the Department of Education Headquarters building in 2002 resulted in the installation of structures at all of the entrances to protect employees and visitors from falling debris. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... The University of Cambridge is an institute of higher learning. ... Carl Dewey Perkins (October 15, 1912 - August 3, 1984), a Democrat, was a politician and member of the United States House of Representatives from the state of Kentucky. ... The House of Representatives is the larger of two houses that make up the U.S. Congress, the other being the United States Senate. ... Official language(s) English[1] Capital Frankfort Largest city Louisville Area  Ranked 37th  - Total 40,444 sq mi (104,749 km²)  - Width 140 miles (225 km)  - Length 379 miles (610 km)  - % water 1. ...

Perkins Loans carry a fixed interest rate of 5% for the duration of the ten-year repayment period. The Perkins Loan Program has a nine-month grace period, so that borrowers begin repayment in the tenth month upon graduating, falling below half-time status, or withdrawing from their college or university. Because the Perkins Loan is subsidized by the government, interest does not begin to accrue until the borrower begins to repay the loan. The loan limits for undergraduates are $4,000 per year with a lifetime maximum loan of $20,000. For graduate students, the limit is $6,000 per year with a lifetime limit of $40,000 (including undergraduate loans). An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... In economics, a subsidy is generally a monetary grant given by a government to lower the price faced by producers or consumers of a good, generally because it is considered to be in the public interest. ...

Perkins Loans are eligible for Federal Loan Cancellation for teachers in designated low-income schools, as well as for teachers in designated teacher shortage areas such as math, science, and bilingual education. A percentage of the loan is cancelled for each year spent teaching full-time.

The Perkins Loan program has been slated for elimination under President Bush's FY 2007 budget, describing the program as "redundant and duplicative, given the broad availability of need-based, subsidized, relatively low-interest loans through the two larger student loan programs (Federal Family Education Loans and Ford Direct Student Loans)." George Walker Bush (born July 6, 1946) is the 43rd and current President of the United States, inaugurated on January 20, 2001 and re-elected in the 2004 U.S. presidential election. ... The process of creating the budget for the United States Government is known as the budget process. ... The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents. ... The William D. Ford Federal Direct Loan Program is a United States Department of Education program that markets, originates, and disburses loans for higher education (including Stafford, Perkins, and PLUS loans). ...

See also: Stafford loan A Stafford loan is a loan product offered to students enrolled in American institutions of higher education to help finance their education. ...

External links

• Information about Perkins Loans from the U.S. Department of Eduacation's 2004-2005 Student Aid Guide
• Federal Perkins Loan Cancellation
• Office of Management and Budget program assessment page
• Little Engine Lender Directory for Students
• Information about Federal Perkins Loans