To be eligible for a Federal Perkins Loan, students need to submit a FAFSA (Free Application for Federal Student Aid) and await the school they’ve applied to’s decision. Federal Perkins Loans are provided to a school at a specific level by the U.S. Department of Education. The following video is helpful to understand how it works:
If students qualify for a Federal Perkins Loan, their school will be contributing some of the funds, together with the funds that they’ll be receiving from the U.S. Department of Education to support you with paying for the cost of tuition.
Do you have to apply for a Federal Perkins Loan?
The decision whether you qualify for a Federal Perkins Loan is based upon criteria formulated in your application, your FAFSA. The Department of Education is using a specific formula to determine students Expected Family Contributions (EFC) and decide about whether students qualify or not.