Sec. 4304. Federal Direct Perkins Loans terms and conditions
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Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) is amended by inserting after section 455 the following new section: Loans made to borrowers under this section shall be known as Federal Direct Perkins Loans . It is the purpose of this section to authorize loans to be awarded by institutions of higher education through agreements established under section 463(f). Unless otherwise specified in this section, all terms and conditions and other requirements applicable to Federal Direct Unsubsidized Stafford loans established under section 455(a)(2)(D) shall apply to loans made pursuant to this section.
Any student meeting the requirements for student eligibility under section 464(b) (including graduate and professional students as defined in regulations promulgated by the Secretary) shall be eligible to borrow a Federal Direct Perkins Loan, provided the student attends an eligible institution with an agreement with the Secretary under section 463(f), and the institution uses its authority under that agreement to award the student a loan. The annual and aggregate limits for loans under this section shall be the same as those established under section 464, and aggregate limits shall include loans made by institutions under agreements under section 463(a).
Loans made pursuant to this section shall bear interest, on the unpaid principal balance of the loan, at the rate of 5 percent per year. .
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Sec. 4304
Federal Direct Perkins Loans terms and conditions
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