WildcatMD

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what's a perkins loan and how does it different from stafford?
 

mpp

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Perkins loans are need based and have a fixed interest rate. Do a google search and you'll find all you need to know.
 

mpp

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Historically, Perkins loans have had the more favorable interest rate (a fixed 5 percent) and that is why they were need based.

It has only been in the last few years that the variable rate Stafford has been lower (the lowest interest rates in general in the history of the U.S.). By next year, it is very likely that Stafford loans will have a higher rate than 5 percent and it is doubtful we will see Stafford loans having rates lower than Perkins loans in the near future.
 

DrRobert

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mpp said:
Historically, Perkins loans have had the more favorable interest rate (a fixed 5 percent) and that is why they were need based.

It has only been in the last few years that the variable rate Stafford has been lower (the lowest interest rates in general in the history of the U.S.). By next year, it is very likely that Stafford loans will have a higher rate than 5 percent and it is doubtful we will see Stafford loans having rates lower than Perkins loans in the near future.
Well played.
 

aquaboy

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Also Perkins Loans do not accrue interest while in school, so starting this year they are more attractive loans than unsubsidized federal loans due to that fact because they are at 4.7% but accrue interest while in school.