Perkins Loans for Native Americans

Native Americans who have a low income and who would like to attend college have options to help pay for tuition. There are many different types of loans and grants that Native Americans may qualify for in order to complete their education and earn a degree. It’s important to explore the educational loan and grant opportunities so that you can choose something that will work for you and your situation. The important thing is being able to earn a degree, which will put you in a better financial position.

One of the most popular types of loans is the Federal Perkins Loan. The Perkins Loans for Native Americans is government-funded route to being able to obtain money to pay for college tuition. By taking out Perkins Loans, Native Americans will be able to pay for their college tuition when they need to, and then pay back the loans on a monthly basis once they are done earning their degree or they decide to no longer attend college.

Here are some of the important things to know about Perkins Loans for Native Americans:

• Perkins Loans are funded by the government and it is a federal program that helps people be able to pay for college tuition.
• In order to be eligible for a Perkins Loan you have to be low income, or considered to be needy. The loans are provided to those who meet the low income requirements and can demonstrate that they have a financial need for the college assistance program.
• Perkins Loans must be used to pay for college tuition at federally approved colleges, universities, and postsecondary education institutions. In other words, the school or program you want to attend must be one that is federally approved. This helps protect the borrower, so they are not taking out loans and using them to attend schools or programs that are not considered legal or legitimate.
• There are over 1,700 higher learning institutions where the Perkins Loans may be used. As long as the program or school you want to attend has been approved by the government, then you can use the loans to attend there.
• There are some loan cancellation programs that the government provides, which helps people to get rid of the debt once they have met certain requirements. For example, if you become a nurse or teacher and work in a specific area for a designated amount of time you may qualify to have your Perkins Loan forgiven. Therefore you will have earned the degree, but you will not have to pay the full loan back.
• Perkins Loans are low interest, so you will not have to pay large fees for using the funds to attend college. The student loan program allows you to spread the payments out over a certain number of years, so that the amount you pay back each month is manageable and affordable. The low interest fee you pay for the loan helps to provide other people with Perkins Loans.
• Perkins Loans can be used for undergraduate and graduate programs, as well as for vocational programs. Whether you want to become a doctor, lawyer, teacher, or mechanic, you can use Perkins Loans to pay for such educational programs.
• Depending on your income level, you may be able to get a Perkins Loan to pay for all or part of your tuition. The limit is up to $5,500 per year for undergraduate studies, and up to $8,000 per year for graduate students.
• Once approved for a Perkins Loan, you will need to sign a promissory note before the funds will be dispersed. The promissory note is considered to be a binding contract or agreement, where you are agreeing to pay the loan back. Perkins Loans must be paid back in full, whether or not you end up completing the college program, and whether or not you end up earning a degree.

Native Americans who would like additional information about Perkins Loans or would like to apply for one can do so online at the US Department of Education. Additionally, you should be able to get information about Perkins Loans by calling the college or institution you will be attending.