Recent Increases to Perkins and Pell Loans
In mid-2009, the Congress passed a stimulus bill that was signed into law by President Obama as one of his first acts as President. This bill included a provision to increase both Perkins loans as well as Pell loans and Pell grants. While we talk about student loan consolidation rates, it’s also important to look at the whole educational package available, including grants.
The increases mean that Pell grants rose to $5,350, which could potentially lower your student loan amount. Perkins loans have increased in amount available and have lowered their interest to 5%, making these some of the lowest student loan consolidation rate packages available.
These are limited in total amount available per student, but can put a big dent in your student loan rates for their part. Lifetime student limits for loans under the Perkins loans are $27,500 for undergraduates and $60,000 for graduates. If you are currently attending school, find out if you qualify for these and lower your interest rates.
Later, when you’ve completed your education, you’ll find that your ability to consolidate student loans will be greatly augmented if your total loan is smaller (thanks to lower interest and Pell grants) and your student loan consolidation rates offers will be much better than they would be otherwise.
Talk to a financial adviser and see what you can qualify for. Some students even get their lowest student loan consolidation rate before they finish graduation! Definitely worth a look.