<p>I understand as a freshman she can recive a stafford loan of approx $2600.</p>
<p>How do the Federal Perkins loans work and what criteria does a school follow to determine amount?</p>
<p>What other loans can my d recieve in her name alone w/o a co-signer. We ( her parents are ineligible to apply for any loans(PLUS or other)</p>
<p>My d is under the impression from talking w/ students at high school that she can finance the gap between fin aid pkg offers herself w/o our help by taking loans in her name.</p>
<p>What loans and amts would an 18 yr old going to college freshman year apply for?</p>
<p>*Stafford Loans allow dependent undergraduates to borrow up to $2,625 their freshman year, $3,500 their sophomore year and $5,500 for each remaining year (independent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years). *</p>
<p>The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. **This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.* (The Perkins Loan is the best student loan available. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or guarantee fees, and the interest rate is 5%. There is a 10-year repayment period.</p>
<p>The amount of Perkins Loan you receive is determined by your school's financial aid office. The program limits are $4,000 per year for undergraduate students and $6,000 per year for graduate students, with cumulative limits of $20,000 for undergraduate loans and $40,000 for undergraduate and graduate loans combined.*</p>
<p><a href="http://www.finaid.org/loans/studentloan.phtml%5B/url%5D">http://www.finaid.org/loans/studentloan.phtml</a></p>
<p>Your best bet is to speak to the financial aid offices at the schools which D is interested in and ask them about the Perkins loan. I think that is going to be very hard for your 18 year old with little or no credit history to get a loan in her name without a co-signer.</p>
<p>All the best</p>
<p>however if she wants a credit card..............</p>