One other bit of good news: Perkins borrowers, both existing and through 2017, won't have to worry about any changes to repayment terms. They'll continue to be eligible for more forgiving repayment options than any other federal education loans.

1. Education loans

2. Explore What Perkins Loan Program
Extension Means for Students

3. It looks like the Perkins loan still has some life left in
it after all.
Right before the holidays, President Barack Obama
signed bipartisan-backed legislation to extend the
recently expired Perkins loan program. Congress had
initially allowed the program to lapse a few months
ago, but the recent deal keeps Perkins breathing – at
least for now.
The new legislation is a mixed bag of good and bad
news for student loan consumers.
But the bad news is after that point, no new Perkins
loans will be issued – not even for existing Perkins
borrowers.

4. As of Oct. 1, 2015, schools have been prohibited
from making new Perkins loans to students who had
not received a Perkins loan prior to Oct. 1, 2014.
However, existing Perkins borrowers were
grandfathered in and could continue receiving new
funds until they completed the program at their
existing school, even though the program had
technically expired.

5. The new plan eliminates this grandfathering
provision, and it also places further eligibility
restrictions on graduate students in particular.
 These students will only be eligible to receive new
Perkins loans through September 2016 if they
already have an existing Perkins loan.

6. That could mean higher borrowing costs for
students. The Stafford loan currently has a 4.29
interest rate, lower than the Perkins' fixed interest
rate of 5 percent.
However, the Stafford rate is reset each July 1 and
can rise as high as 8.25 percent.
 Also, the government pays all interest on the Perkins
loan while the borrower is in school, in the grace
period or during periods of deferment.
 Borrowers of the unsubsidized Stafford, on the other
hand, are responsible for the interest from the time
of disbursement.

7.  One other bit of good news: Perkins borrowers, both
existing and through 2017, won't have to worry
about any changes to repayment terms. They'll
continue to be eligible for more forgiving repayment
options than any other federal education loans.
 Source: bit.ly/1PipW0d

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