Perkins Loans
To get a Perkins Loan, the first thing you will need to do is submit a FAFSA (Free Application for Federal Student Aid). The good news is that you won't need a separate form to apply for the Perkins.
So, what are the advantages of a Perkins Loan? Another advantage of Perkins loans is that unlike other loans, there are no fees to apply. Once approved, you will be required to sign a "Promissory Note" -- basically an agreement outlining how you will use the funds and how you will repay them. In a way, they are very similar to Stafford Loans -- they are a low interest (about five percent, much cheaper than other sources of private aid) government loan.
The amount you save in interest will be significant over the next few years as you pay your loan back. It's a good idea to apply early for Perkins Loans because each school only gets a limited amount of funds each year.
Once they have given out their full allotment of Perkins money, no matter how needy you are, you will be left out of that service. So don't delay, and check with your school's financial aid office ASAP to find out how to become eligible.