Federal Perkins Loan

Paying for College
1

<p>Hi!
I'm curious as to how federal perkins loans work. I understand that it's a good type of loan but I have several questions about it.
1. I have read that the F.P loan has a 9 month grace period. What does this mean exactly? Say I borrow $3000, and I want to pay back the money I borrowed after 2 months of graduating, do I have to pay more than $3000 due to interest? </p>

<ol>
<li>On wikipedia it says: "Because the Perkins Loan is subsidized by the government, interest does not begin to accrue until the borrower begins to repay the loan."
If want to pay $3000 I borrowed all at once, will I have to pay interest? Basically, is it possible to borrow $3000 and then repay $3000 after I graduate? </li>
</ol>

<p>Sorry if these questions are really dumb or redundant, I just don't understand the concept of these loans.</p>

<p>Thank you in advance!</p>

2

<p>Perkins loan has a 9 month grace period for both repayment and interest after you graduate or drop below half time. If you pay the loan off completely before the grace period is up, you will not pay any interest.</p>