Financial Aid Package Help

Paying for College
1

<p>I was hoping I could get some help from all the knowledgeable people here in the Financial Aid forum with some questions and clarifications I have about the financial aid package I have received.</p>

<p>In my package I received both a Subsidized Federal Direct Loan for $3,500 and a Federal Perkins Loan for $1,500 for the year. The thing is, I did not receive an Unsubsidized Federal Direct Loan as part of my package.</p>

<p>I understand that as a first-year student I should be eligible for a total of $5,500 in Stafford Loans, and I know that the Subsidized Federal Direct Loan is counted towards that total; is the Perkins Loan also counted towards that total of $5,500?</p>

<p>Also, even though I was not offered the Unsubsidized Loan as part of my financial aid package, am I still able to receive that loan if I need a little more money to cover my EFC?</p>

2

<p>No, the Perkins loan doesn’t count towards the 5.5k limit for freshmen on Staffords. You should be able for the additional 2k in unsubsidized loans; ask your FA office. The school is trying to help you because the Perkins loan has both a lower interest rate and is subsidized, as compared to the unsub loan.</p>

3

<p>Yes, as purpleacorn said, you are eligible for the unsub loan if you want it . . . so long as your TOTAL aid package does not exceed the actual cost of attendance.</p>

4

<p>Thank you both for the help! I appreciate it.</p>

5

<p>You just have to ask for it. Some schools don’t award the unsub in the aid package, but they will still let you borrow it.</p>