ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Loans made through the Federal Perkins Loan Program, often called Perkins Loans, are low-interest federal student loans for undergraduate and graduate students with exceptional financial need. Important: Under federal law, the authority for schools to make new Perkins Loans ended on Sept.

Detailed explanation-2: -PLUS loans, which stands for Parent Loans for Undergraduate Students, are available to parents and student borrowers based on the amount of unmet need. Stafford loans are available to student borrowers with a capped interest rate and limit on the amount that can be borrowed.

Detailed explanation-3: -Nothing really. Students with financial need must rely on Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), college aid awards, work-study, subsidized federal student loans, or private loans. Pell Grants do not need to be repaid.

Detailed explanation-4: -To receive a Stafford Loan, a student borrower must meet the basic eligibility requirements for FSA funds (citizenship, Selective Service registration if applicable, etc.). In addition, the student must be enrolled at least half time to receive a loan.