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

Unlike some other Federal loans, the Perkins Loan does not have a variety of repayment plans. Rather, your monthly payment is based on your loan's amount for the duration of the ten-year repayment period. With the Perkins Loan, you'll have a nine-month grace period after you leave school or drop below half time. After that grace period, you'll need to begin making timely monthly payments.

Here are some typical monthly payments for a ten-year Perkins Loan repayment:

  • If you borrowed a total of $4,000, you would pay $42.43 per month.
  • If you borrowed $5,000, you would pay $53.03 per month.
  • If you borrowed $15,000, you would pay $159.10 per month.

Canceling Your Perkins Loan
You should be prepared to make timely payments on your Perkins Loan. However, loan cancellation may be available to graduates who take jobs in teaching, nursing special education, or law enforcement. Cancellation may also be available if you join the Armed Forces or the Peace Corps after graduation. Ask your financial aid office for specific details on these options.

How to Handle Financial Difficulty
Times of financial trouble can be a strain on your monetary future and your personal life, but your student loans shouldn't be a burden. If you have difficulty making your monthly payments, contact your lender before your loan goes into default.

You may be eligible for an income-based deferment or forbearance while you get back on your feet. Deferment and forbearance plans decrease or postpone your payments if you're having financial trouble. It may be possible to defer your loan while you attend graduate school. If you've applied for a deferment or forbearance of your Perkins Loan, you must keep making payments until your application has been approved.

Set Your Payment Priorities
If possible, you should pay off your highest interest debts as quickly as you can. Set your payment priorities, and you'll save money in the long term. There are more strategies to efficiently pay down your loan; for example, it's possible to combine multiple student loans into one loan with one payment and interest rate. The result of this merge, called a consolidation loan, is one monthly payment.

The months before graduation are the perfect time to create a new budget. Explore your repayment options early, and you can save yourself money as you build up your credit.