Single mothers might be worried about how they will afford to put their children through university or college, but luckily, there is help available. This page will cover all the details of the Perkins Loan Programs, and it will also help you understand the application process.
What Is The Perkins Loan Program?
The Federal Perkins Loan Program (referred to as Perkins Loans), are student loans that have very low interest rates. These loans were designed to assist students that wish to graduate but do not have the finances in order to do so.
They are available to undergraduate, graduate, or professional single mothers that have a clear and urgent financial need in order to finish their higher education. Loans provided under this program have an interest rate of just 5%, which is substantially less than any other loan. Depending on which higher education institution your child is enrolled at, they may or may not participate in the program.
How It Works:
Even though Perkins Loans are federal initiatives, they are administered by educational institutions. This ensures that students borrow money from their university or college. This also means that repayments will be made to their school. The loan amount provided to students that qualify for benefits depends on how much funds the university or college has to grant, and also by the student’s financial need.
Generally speaking, single mothers can be assisted with between $5,500 per year, with the total amount that can be loaned to undergraduates being $27,500. Graduates and professional students may be eligible for loans of $8,000 per academic year, with a maximum loan amount of $60,000 for the duration of your studies.
Your loan funds can be applied to the cost of your tuition, your college fees, accommodation, or other school expenses. If you don’t use all of the funds that you have borrowed, your college or university can help you repay your student loan by offering you a refund.
Single mothers that are enrolled part-time have up to 9 months after graduating from their college or university to start repaying their Perkins Loans, but do keep in mind that missed or late payments do come with penalty fees.
How to Apply for single mother benefits:
Before your child can apply for a Federal Perkins Loan, you’ll need to ensure that the school they are enrolled at participates in the program. Single mothers can help their children to apply for a Perkins Loan Program by completing a Free Application for Federal Student Aid. You can also contact the Federal Student Aid Information Line at 1-800-433-3243 if you need any questions answered or need help with your application process.
This page has highlighted what the federal Perkins Loan Programs entail and it also touched on the expected amount of funds that can be provided to low-income single mothers on a low-interest loan basis. We hope that single mothers have found all the information they’ll need in order to assist their children with applying for federal student aid, which can ultimately help them thrive and become self-reliant once they leave home.
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