If you're not a homeowner or you have very poor credit, consider debt relief instead of a mortgage.

1) Type of debt:

Credit Card Debt
Student Loan Debt
Tax Debt
Other Debt

2) What State do you live in?

 
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Repaying Perkins Loans

After you graduate or otherwise leave your educational program, you have a nine-month grace period before you must begin making timely payments on your Perkins Loan. This is a longer grace period than some Federal loans, but unlike other educational loans, the Perkins Loan program does not offer a wide variety of repayment plans. Instead, your monthly payment total will always be based on both the amount of your loan and your repayment period, generally ten years. 

Check out a few monthly payment examples for a ten-year repayment period:

  • A student borrowing a total of $4,000 must pay $42.43 each month.
  • A student borrowing $5,000 must pay $53.03 each month.
  • A student borrowing $15,000 must pay $159.10 each month.

Loan Cancellation
For graduates who pursue careers in certain underserved locations and fields, the Federal government offers a number of loan forgiveness programs. Partial or full Perkins Loan cancellation may be available if you take a job in nursing, teaching, special education, or law enforcement in parts of the U.S. with a shortage of such jobs. Federal loan cancellation is also possible if you join the armed forces or the Peace Corps after graduation. Talk to your school's financial aid office for more details on cancellation options.

Perkins Loan Financial Tips
You should contact your lender immediately if you're worried you'll have difficulty making the payments on your Perkins Loan. For the sake of your credit, you should avoid defaulting on the loan. In some cases, you can apply for a deferment or forbearance in order to postpone or decrease your total monthly payments. Loan deferment may also be available if you choose to continue your education by completing another degree program or enrolling in graduate school.

Set Your Repayment Priorities
In the months leading up to graduation, it's a great idea to create a new budget for your financial future. It might be in your best interest to repay high-interest loans faster than those with lower interest rates. If you're struggling with a number of student loans with a variety of interest rates, you may want to consider consolidating your loans. Loan consolidation offers you one interest rate and one monthly payment. The payment is determined by using a weighted average of your varied interest rates.

Explore the repayment options for your Perkins Loan early, and you could save yourself money as you build good credit for your financial future.