The Perkins Loan Program is a federal long-term, low-interest loan program for students who need help paying for postsecondary education. There are around 1,800 postsecondary institutions that participate in the Perkins Loan Program which includes the following: the Federal Perkins Loans, National Direct Student Loans, and the National Defense Student Loans (also called Defense Loans—although these loans were discontinued in July 1972, some are still being paid back). According to the Perkins Loan Program, the US Department of Education gives a certain amount of funds to the school. The amount of the Perkins Loans that are given to students is decided by the financial aid administrators of the institutions. The Perkins Loan is open to undergraduate and graduate students who are just accepted by the institution or already enrolled. Students accepted for the Perkins Loan Program are granted a repayment period of ten years, which begins during the tenth month after graduating or leaving the institution. Interest does not accrue until the loan is being repaid (this is because the Perkins Loan is subsidized). If student borrowers become employed in certain professions, like teaching in select low-income schools, the entire Perkins Loan amount or part of the loan might be canceled, and the higher education institutions will be reimbursed. The reimbursed amount will have to be reinvested in the school’s loan fund. The amount the school can allocate to the Perkins Loan Program comes from Federal Capital Contribution (FCC), institutional matching programs, loan cancellations, and collections of previous loans. The Federal Perkins Loans are somewhat similar to the subsidized Stafford Loans.