<p>How do schools determine the loan type and amt?
Example:</p>
<p>EFC - 4200 (Not eligible for PELL grant).</p>
<p>COA - 20000</p>
<p>Scholarship Amt - 4800</p>
<p>Total Loan - 11000 </p>
<p>Perkins Loan -- ???
Stafford subsidized - ???
Stafford unsubsudized -- ?
PLUS -- ?? </p>
<p>Does it depend on EFC amount? GPA/SAT? or simply the discretion of financial aid office!</p>
<p>the finanical aid office will package your D's financial aid determining how herloans (perkins and stafford are allocated and how much work study she will receive).</p>
<p>the max subsidized loan (interest is paid by gov't while she is in school) your freshman student will get is 3500.</p>
<p>PLUS- Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance (which means you can borrow everything including the EFC that her financial aid- work study, scholarship and loans does not cover)</p>
<p>If you are turned down for a plus loan she will be able to borrow an addition 4000 unsubsidized.</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 </p>
<p>LRSDAD- you're very close to being eligible for a Pell Grant and perhaps the ACG -- if you haven't submitted FAFSA yet, take a look at your finances and see whether some adjustments (for example, if you show considerable student assets, you can spend them down on items you'd planned on purchasing later) can get your EFC down a few hundred dollars.</p>
<p>The FinAid calculator will tell you exactly what is contributing to your EFC (how much because of Student Income, Student Assets, Parental Income, and Parental Assets).</p>
<p>"If you are turned down for a plus loan she will be able to borrow an addition 4000 unsubsidized."</p>
<p>I might be reading the regulations wrong, so fill me in (will make a big difference for a friend). IF a parent doesn't qualify for the PLUS loan, is the student eligible for an additional $4,000 unsubsidized with the $3,500 subsidized Stafford Loan - OR is there a limit of $4,000 (for 1st year student) with subsidized and unsubsidized total? On top of that they can receive a Perkins loan? I've read and re-read, but am not sure.</p>
<p>
[quote]
IF a parent doesn't qualify for the PLUS loan, is the student eligible for an additional $4,000 unsubsidized with the $3,500 subsidized Stafford Loan
[/quote]
</p>
<p>Yes this is correct.</p>
<p>the school would decide if the student was eligible for a perkins loan</p>
<p>So, a student may qualify for $7,500 in Stafford loans - without a co-signer - plus a Perkins loan (if school approves it)?</p>