Attending a university can be financially very difficult. Without a scholarship or a good financial aid program, some students have to sacrifice their ambitions to earn a lessor degree, or not attend a college at all. This isn't necessary if the Federal Perkins Loans are utilized. The Perkins Loans are government loans with a low interest rate. This loan benefits undergraduate and graduate students with a serious financial need and is made only through schools that participate in this type of loan. The student will qualify by being able to show the greatest level of financial need. This is determined by the Expected Family Contribution (EFC) which is verified by the government's Free Application for Federal Student Aid (FAFSA). Those who receive Federal Pell Grants will be first on the list to acquire the Perkins Loan. Other qualifications for the loan besides the EFC, are that the student needs to be a US citizen or eligible non-citizen and have a social security number, have a GED or high school diploma or pass an ABT test, keep a satisfactory grade average, and working to earn a certificate or degree. In addition to these requirements, a male student also needs to register with the Selective Service between the ages of 18 and 25. A negative aspect of applying for this loan is the fact that since the schools distribute it on behalf of the government, the funds will eventually be gone, and when they are gone there aren't any more available. Even if the student should qualify for a Perkins Student Loan, it may not be available at the time of application. Because of this unfortunate feature, it is best to submit the FAFSA on January 1 or very close to that date. It will make it easier to get the highest amount possible and also be able to acquire the Perkins Loan benefits. An undergraduate student can receive as much as $4,000 a year with a total of $20,000 for the whole undergraduate program. Graduate students can receive $6,000 per year with a total of $40,000. If the student is fortunate to get the Perkins Loan, the full amount available should be taken.