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Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.

The loans are extended to students who have the greatest financial need.

In general, families with annual incomes below $25,000 are eligible for Perkins Loans.

Most students rely on a variety of funding sources to pay for college.

Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.

These three factors determine the size of your Perkins Loan: The maximum annual loan for undergraduate students is $5500, with a lifetime loan maximum of $27,000.