<p>I only "need" $1,648 for next year. Since majority of my "need" was met by outside scholarships. Should I take out a federal perkins loan or take the work study? Which is more financially beneficial? My mom keeps insisting on taking out loans because it builds credit and there's no interest. Which should I choose?</p>
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**no interest
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** I don't think this is accurate. You need to inform yourself about Perkins Loans.</p>
<p>This federal loan program is awarded by SFA to students with the greatest financial need. Undergraduates may borrow up to $4,000 a year up to an aggregate total of $20,000. Interest of 5% begins to accrue when the loan becomes due after a nine-month grace period. The minimum monthly repayment is $40 per month.</p>
<p>First-time Borrower Entrance Counseling: First-time Federal Perkins Loan borrowers must complete Entrance Counseling before their loan funds can be disbursed to them. First-time Perkins Loan borrowers are mailed information by UFS about completing online Entrance Counseling. For more information, call UFS at (352) 392-0737.</p>
<p>okay thanks for the info. i've called SFA.....they're not very friendly</p>
<p>^ Yeah, I know.</p>