CARL D. PERKINS LOAN

CARL D. PERKINS LOAN

A Federal Perkins Loan is a low-interest loan to help pay for education after high school. These loans are for both undergraduate and graduate students and are made through a colleges’ financial aid office. The school is the lender. Loan must be repaid. Depending upon restrictions, a person may borrow up to $3,000 if enrolled in a vocational program or if less than two years of a program leading to a bachelor's degree is completed; $9,000 if an undergraduate student who has already completed two years of study toward a bachelor's degree and has achieved third-year status. This total includes any amount borrowed under Perkins or under the Nation's Direct Student Loan Program, (its former name) for the first two years of study; $5,000 for each year for graduate or professional study. This total includes any amount borrowed under Perkins (NDSL for undergraduate study.) Contact the financial aid office at your school.

· PELL GRANT

Pell is a federal government need-based grant available to eligible undergraduates who are U.S. citizens or permanent residents who are enrolled in an eligible program of studies at an approved college or vocational/technical school. To apply for Pell, the student must complete and mail the Free Application for Federal Student Aid (FAFSA). The student will receive a Student Aid Report (SAR), which will indicate an Expected Family Contribution number (EFC). This SAR should then be submitted to the college/school the student has chosen. Based on the EFC, the cost attendance at that college/school, and a payment schedule provided by the U.S. Department of Education, an amount will be calculated for the Federal Pell Grant. Students should apply in January of their senior year, and annually thereafter.Deadline is May 1, 2008. There are no exceptions to this deadline.