Federal Carl Perkins Loan (FCPL)
This program provides up to $4,000 on a loan basis to undergraduate students who are enrolled fulltime and have demonstrated exceptional financial need. There is no interest charge on this loan as long as the borrower continues in at least a halftime student status. Repayment begins nine months after graduation or withdrawal from school. Students may be allowed up to 10 years to repay the loan, based on the amount borrowed. The interest rate is 5 percent per annum on the unpaid balance. Repayment may be deferred while students are enrolled on at least a half-time basis or serving in the military, Peace Corps or VISTA. Special education teachers and teachers in designated economically deprived areas may receive up to 100 percent cancellation for teaching over a period of five years. A borrower who is temporarily disabled, or whose spouse is temporarily totally disabled and requires the borrower's care, may defer payments for up to three years.
Learn more on StudentAid.gov