Meaning can a college offer an aid package including a $5500 Stafford loan + a $5500 Perkins loan?
Anyone ever see this?
Yes they can. The Perkins loan is subsidized. $3500 of the $5500 Stafforf loan us subsidized. Just on fave 10.5k in loans is too much debt for your child. At this rate s/he will graduate with almost 50k in debt
I have yet to see a $5500 Perkins loan. Many Perkins loans are $500 to $1000.
unfortunately I have seen my share of packages which included large Perkins Liam’s in them.
Sybbie may have seen some, bigger ones but here on CC we typically see Perkins around $1k - 2500
Schools have limited Perkins, so they tend to spread it around.
Keep in mind that there are schools that may have a low number of students who would be eligible for SEOG or Perkins loans. So those students will get the lions share of the funding
When they were goofing around with the Perkins loans last year, they made some changes. I think now the student has to take the Stafford loan first, including the unsubsidized portion, then can take the Perkins loans. Last year you could take the subsidized Stafford and the Perkins so all would be subsidized.
The student I saw it for would not seem to qualify for Perkins based on income being too high.
Would that be a way for a school to make it seem “affordable” even though it is stacking a lot of debt on the kid?