Last Updated on November 9, 2023 by Lori Pace
The Perkins Loan is often synonymous with loans for single moms with no income.
Single moms may be concerned about how they can pay for their children’s education at university or college, but assistance is available. This article will explain the Perkins Loan Programs in-depth and assist you with the application process.
Perkins Loan: Loans For Single Moms With No Income
What Is The Perkins Loan Program?
The Federal Perkins Loan Program (also known as Perkins Loans) provides relatively low-interest student loans. These loans aim to support students who want to graduate but lack financial resources.
Single moms who are undergraduate, graduate, or professional single moms with a strong and pressing financial need to complete their higher education should apply. The interest rate on loans issued by this program is just 5%, significantly lower than any other loan. Your child may or may not be eligible to participate in the program, depending on which higher education institution they are attending.
How It Works:
Although Perkins Loans receive funds from the government, educational institutions manage it. Students would borrow money from their university or college due to this. However, this means they will have to repay their school. They base the number of funds available at the university or college and the student’s financial need.
In general, single moms will receive up to $5,500 a year in aid, with a total loan amount of $27,500 available to undergraduates. Graduate and technical students may be eligible for $8,000 per academic year in loans, with a cumulative loan sum of $60,000 throughout their studies.
Your loan funds are to pay for tuition, college fees, housing, and other school-related expenses. Suppose you don’t use all of the money you borrowed. In that case, your college or university may be able to assist you in repaying your student loan by providing a refund.
Single moms who are enrolled part-time have up to 9 months after graduation from college or university to begin repaying their Perkins Loans. However, missing or late payments will result in penalty fees.
How To Apply for Benefits:
You must first confirm that your child’s school participates in the Federal Perkins Loan program before your child can apply. By completing a Free Application for Federal Student Aid, single mothers can assist their children in applying for a Perkins Loan Program.
Suppose you have any concerns or need assistance with your application. In that case, you can call the Federal Student Aid Information Line at 1-800-433-3243. For more information or to start your application process, visit the Student Aid website.
In Conclusion, Perkin Loan For Single Moms
This page has clarified what the federal Perkins Loan Programs entail. We believe that single moms have found all of the resources they need to help their children qualify for federal student aid. Therefore, this will enable them to succeed and become self-sufficient once they leave the nest.
However, if this is not what you had in mind, visit our Loans for Single Mothers article for other options.