What is a Perkins Loan?

<p>I got awarded the PERKINS LOAN at rutgers university.</p>

<p>what is this?
should i get into this? </p>

<p>it directs me to the studentaid.rutgers.edu/entr website.
btw, i only have to pay like $4000 a year</p>

<p>It is a subsidized, low-interest loan for lower-income families. It is a good choice for a loan since you do not have to begin paying interest until a certain period of time after you graduate from college. If you need the money for college, you should take it.</p>

<p>I'm thinking the Perkins is in addition to a Stafford meaning you will have a lot of debt when you graduate. What are the total loans in the package? You may only have to pay $4K now, but pay close attention to what you will pay later.</p>

<p>The 10/11 rate on the subsidized Stafford loans is actually lower than the Perkins loan rate of 5%. If you need to borrow, you should consider taking the subsidized Staffords before the Perkins. Either of them are better choices than the unsubsidized Stafford which would accrue interest while you're in school and has a 6.8% rate. Paying as you go, without borrowing, is probably the best plan if it's possible for you to do so:)</p>