Federal Perkins Loan

Description: Loan for students with a low fixed interest rate, funded by federal government and administered by your child's college. This loan is awarded based on need to undergrad & graduate students. Each school has a limited amount of funds to award each year.
Rate: 5% fixed
Fees: None
Eligibility: U.S. Citizen/Permanent residents; full/part-time undergrad/grad student; need-based
Amount: Up to $4,000 annually for undergrads; $6,000 for graduates
Repayment Term: Up to 10 years 
Grade Period: 9 months
How to apply: Complete the FAFSA by your school's specified deadline.