What is a reference on a student loan?

Reference. A person you list on a loan promissory note as someone who knows and can provide information about you. References are not co-borrowers and are not responsible for repaying the loan.

What are the limitations for Perkins Loan?

Perkins Loan Limits As an undergraduate student, you may not borrow more than $5,500 per year, for a total of $27,500. If you’re a graduate student, you cannot borrow more than $8,000 per year. You cannot borrow more than $60,000 in both undergraduate and graduate Perkins loans combined.

What is a reference for a promissory note?

Generally, the first person that you list as a reference on your MPN should be your parent or guardian. The second reference should be someone that you have a close relationship with and who can help the government learn your new address. The two references that you list cannot both live at the same address.

What type of student qualifies for a Perkins loans?

Federal Student Aid
Perkins Loans may be awarded to students who are eligible for Federal Student Aid (most domestic students) and have demonstrated financial need. Undergraduates: $5,500 per award year, up to $27,500 total. Students who have not yet completed two years of undergraduate work are only allowed to borrow up to $11,000.

How did the Perkins Loan Program get its name?

Federal Perkins Loan. 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.

Where can I get a Perkins Student Loan?

Consolidation Loans can be obtained through participating lenders, guarantee agencies and, under certain conditions, through the federal government. You may contact Perkins Loan Office at 715-346-3473 for any clarification regarding your rights and responsibilities.

What’s the maximum amount you can get a Perkins Loan for?

The federal program limits are $5,500 per year for undergraduate students and $8,000 per year for graduate students, with cumulative limits of $27,500 for undergraduate loans and $60,000 for undergraduate and graduate loans. However, many schools do not have sufficient funds to award the Perkins Loan at the annual maximums.

When do you have to pay back a Perkins Loan?

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.