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Students with high financial need may qualify for a federal Perkins loan, with a superlow interest rate of 5%. The financial-aid offers you receive from schools will tell you if you're eligible. The schools themselves make Perkins loans, but each institution's loan pool is funded with federal money -- and with repayments from graduates. The maximum annual loan for undergraduates at many schools is $4,000.
Special deals on repayment
No payments are due on a Perkins loan until nine months after your child graduates or drops below half-time as a student. Typically, the repayment term is ten years or less. On $5,000 of Perkins-loan debt, the monthly payment is $53 over ten years.
Unlike Stafford and PLUS loans, Perkins loans can be discharged (canceled) in full or in part when you are employed at certain kinds of work, including these jobs:
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- Full-time teacher, when your school serves a low-income area, you teach special-education students, or you teach math, science or other subjects with a shortage of teachers;
- Full-time nurse or medical technician;
- Full-time law enforcement or corrections officer;
- Full-time employee of a child- or family-service agency in a low-income community; or
- Full-time Peace Corps volunteer.
How to Choose a Stafford-Loan Lender
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Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
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States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
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7 Frugal Habits to Keep Even When You're RichSome frugal habits are worth it, no matter what tax bracket you're in.
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AI Appliances Aren’t Exciting Buyers…YetThe Kiplinger Letter Artificial intelligence is being embedded into all sorts of appliances. Now sellers need to get customers to care about AI-powered laundry.
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New Ways to Use 529 PlansTax-free withdrawals from 529 plans could help you sharpen your job skills.
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I Want to Help Pay for My Grandkids' College. Should I Make a Lump-Sum 529 Plan Contribution or Spread Funds out Through the Years?We asked a college savings professional and a financial planning expert for their advice.
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Banks Are Sounding the Alarm About StablecoinsThe Kiplinger Letter The banking industry says stablecoins could have a negative impact on lending.
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Big Changes Are Ahead for Higher EdThe Kiplinger Letter A major reform of higher ed is underway. Colleges are bracing for abrupt change, financial headwinds and uncertainty.
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What New Tariffs Mean for Car ShoppersThe Kiplinger Letter Car deals are growing scarcer. Meanwhile, tax credits for EVs are on the way out, but tax breaks for car loans are coming.
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AI’s Rapid Rise Sparks New Cyber ThreatsThe Kiplinger Letter Cybersecurity professionals are racing to ward off AI threats while also using AI tools to shore up defenses.
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Blue Collar Workers Add AI to Their ToolboxesThe Kiplinger Letter AI can’t fix a leak or install lighting, but more and more tradespeople are adopting artificial intelligence for back-office work and other tasks.
