What is a Perkins loan?

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<span><font><font>Brad received his Bachelor of Science degree from Southern Arkansas University, with a major in Psychology and a minor in Business.<span>  </span>He furthered his education by graduating from the Medical College of Virginia at Virginia Commonwealth University with a Master of Science degree in Rehabilitation Counseling, specializing in Mental Health.<span>  </span>He has been involved in the financial aid and/or rehabilitation professions for the past 15 years.</font></font></span><span><font> </font></span><span><font>Brad, a Past President of the Virginia Association of Student Financial Aid Administrators (VASFAA), currently serves as the Senior Associate Director of Financial Aid & Scholarships for James Madison University.<span>  </span>Immediately prior to JMU, he served as an Assistant Director of the Financial Aid Office at Virginia Commonwealth University.<span>  </span>Brad has presented numerous sessions at state, regional, and national conferences, and has served on a variety of association committees.<span>  </span>In addition to speaking at professional conferences, Brad has conducted an abundance of workshops and presentations in non-conference environments, including teaching a credit based financial literacy course at JMU entitled “Dollars and Sense.”<span>  </span>Many of the topics Brad’s speaks on include communication, leadership, values, financial aid policies and procedures, financial literacy, and saving for college.<span>  </span>He has also facilitated strategic planning and value development retreats.</font></span>

What is a Perkins loan?

In this video, Mr. Barnett reviews the different types of available financial aid funds.

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Host: What is a Perkins loan?

Brad Barnett: Perkins loan has been considered for many years as probably the best student loan out there. It is a Federal Student Loan. It has a fixed interest rate of 5%, so it's not going to change regardless of what happens in the economy and it's completely deferred until 9 months, after the students starts going to school at least half time and you don t charged any interest during that period. You only start getting charged interest when go into repayment. So, if take at out a loan, your Freshman year and you go through school at least half time and then you graduate and then 9 months later, you will start paying it back.

Now, the important thing to know with Perkins loan is, it's a limited fund. Some schools don t even have Perkins Loan Money available, but if you are going to an institution and they offer you a Perkins loans and you need a loan, then you want to consider a Perkins before you look at anything else and you probably want to try to accept it as quickly as possible before the school runs out of money.

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