ERIC Number: ED453777
Record Type: Non-Journal
Publication Date: 2001
Reference Count: N/A
Student Financial Aid Handbook, 2000-2001. Volume 5: Perkins Loans.
Department of Education, Washington, DC. Student Financial Assistance.
The Federal Perkins Loan Program is comprised of Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans). Perkins Loans. Made to students with no outstanding balance on a Defense Loan or NDSL, and NDSLs are low-interest (currently 5%), long-term loans made through school financial aid office to help needy undergraduate and graduate students pay for postsecondary education. No new Defense Loans are being made, but a few are still in repayment. This document explains the Perkins Loan Program for financial aid administrators. Recent changes in the Perkins program are highlighted. These involve a number of issues related to eligibility, repayment, and default. The introduction describes the various loan types and recent changes to the regulations. Chapter 1 deals with "School Requirements.""Student Eligibility," chapter 2 describes eligibility criteria and selection procedures. Chapter 3, "Making & Disbursing Loans," reviews loan maximums and disbursement requirements. "Repayment," chapter 4, considers a number of issues related to repayment, and "Forbearance & Deferment," chapter 5, discusses the various types of relief for hardship and deferments of repayment for further education. Chapter 6, "Cancellation," discusses the conditions under which borrowers may have loans and interest cancelled, such as public service or service as a teacher. Chapter 7, "Due Diligence: Billing and Collection," explains the requirements for repayments and collection. Chapter 8, "Default," discusses steps the institution must take in cases of default. Appendixes present sample Perkins loan and NDSL promissory notes and an addendum to the promissory notes. (SLD)
Descriptors: Eligibility, Federal Aid, Financial Aid Applicants, Higher Education, Need Analysis (Student Financial Aid), Paying for College, Student Financial Aid, Student Loan Programs
ED Pubs, P.O. Box 1398, Jessup, MD 20794-1398. Tel: 877-433-7827 (Toll Free).
Publication Type: Guides - Non-Classroom
Education Level: N/A
Audience: Administrators; Practitioners
Authoring Institution: Department of Education, Washington, DC. Student Financial Assistance.
Identifiers - Laws, Policies, & Programs: Perkins Loan Program