<p>S has been offered both a Perkins loan and a Stafford loan for next year as a freshman.</p>
<p>Both of his older sisters (1 graduated, 1 to be a senior next year) have received Stafford loans, but no offers of Perkins loans. Our income hasn't changed for years, and I thought Perkins loans were for families with limited income.</p>
<p>Very confusing--any clarification out there? Thanks in advance</p>
<p>I believe the schools decide if your income threshold is low enough for a Perkins loan.</p>
<p>Perkins aren’t a given. And some schools only give them to frosh since their Stafford loans are smaller. </p>
<p>Did you say that one D has graduated? if so, I don’t think she’s even eligible for Perkins…I think that’s just for undergrads.</p>
<p>Were you able to count the graduated D on the other kids’ FAFSAs? I’m not sure that’s right. Isn’t she independent at this point for FAFSA?</p>
<p>It can also depend on how much Perkins funding a school has in a particular year. My daughter was offered Perkins some years and not others. The amounts varies wildly. Her EFC was always about the same.</p>
<p>Schools do determine for themselves how to award Perkins. it is a campus based aid program like WS and SEOG, meaning the school is given $xxx and must determine how best to award that. Once the have awarded $xxx, they can get no more.</p>
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<p>Not true. My daughter was offered a perkins loan as a grad student.</p>
<p>^^^</p>
<p>Interesting. </p>
<p>I wonder how often that happens. Since Perkins is limited, many schools seem to run out while doing undergrad FA pkgs.</p>
<p>Anyway, the point is that Perkins is not a given. There isn’t an EFC that guarantees getting Perkins. So one child in a family might get it and another won’t…even with the same low EFC.</p>
<p>mom2collegekids</p>
<p>I only mention the graduated daughter because she did not receive any Perkins loans.
I do not mean that she is a reason why son should receive them.</p>
<p>Since grad students don’t seem to be posting that they’re getting Perkins loans, it seems to be rather the exception than the rule. </p>
<p>Most grad students have 0 or very low EFCs, so probably too many qualify for the very limited amount a school gets…so most is given to undergrads.</p>
<p>I wasn’t suggesting that your D is the reason why your son received them. Your graduated D applies for FAFSA as an independent, so her info doesn’t show up on your undergrad children’s FAFSAs.</p>
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<p>NO it depends on the school, and the program. Some award Perkins loans and others do not.</p>
<p>BUT re: the OP…your son’s school has determined that you DO qualify for the Perkins loan per their guidelines this year. It is your decision whether or not to take that loan.</p>
<p>As with Swimcatsmom…our daughter got a Perkins for two years…but not the second two years. To be honest, we questioned how we got this loan. The financial aid office told us that THEY determined we were eligible for it.</p>
<p>My son was also awarded a Perkins. So He can take the Unsubsidized, the Subsidized annd the Perkins. I do not want him to take more than 20,000 total for all 4 years. Would it make sense to take all 3 loans next year (freshman), as the Perkins may not be offered again (with my other 2 kids, out of 8 years of college combined, we got a Perkins 3).or should we just take the Perkins and Subsidized?</p>
<p>My son got a Perkins loan in Grad school but never in undergrad except one school, Connecticut College, offered him one out of 7 schools he applied too. They had the most affluent students at the time and they told us that although we weren’t poor, we were eligible. (he didn’t like the school, but that made it worse)
He got the Perkins both years of grad school along with staffords until he got a stipend instead. My daughters were only offered Perkins at Bryn Mawr and one other I can’t remember but again, we were on the lower end of their scale.</p>
<p>So, what is “special” about the Perkins? My S was offered one (of 4 different loans in one package). Would there be some reason to choose this one over another? And when scholarships cover some of the loans, are we able to choose which loans we want replaced or will the school have an order they choose?</p>
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<p>Perkins are for both grad & undergrad. Schools have a limited amount of Perkins funding (some don’t have any), and they allocate it however they want. Where I worked, we had both undergrad and grad Perkins, and it was given out FAST! Our computer packaging routine awarded it based on EFC parameters, by date FAFSA was filed. It was gone before all the students in the first packaging run who might normally receive it, received it (that is why I am a big advocate of getting your FAFSA on file really early if you have a low EFC). </p>
<p>Perkins is given to the school by the government, and the school handles all of the loan stuff … originating, disbursing, and collecting. However, if you default on a Perkins, you don’t get any federal aid (same way it works if you default on a Stafford).</p>
<p>For undergrads, Stafford subsidized is better than Perkins right now due to a lower interest rate. Take it over unsub Stafford, though, which is unsubsidized plus has a 6.8% interest rate. Perkins is better than both subsidized and unsubsidized Stafford for grad students, since grad sub & unsub interest is 6.8%.</p>
<p>Kelsmom
But isn’t the sub Stafford rate for the upcoming school year 6.8% (unless the powers that be grow a heart - I haven’t heard of that happening yet). If it stays at 6.8, then wouldn’t the Perkins at 5% be a better deal?</p>
<p>Not knowing what will happen with the interest rate for the sub (after the last few govt decisions I am not too optimistic), I would play safe for now and accept both. Then, if she doesn’t want both loans, can change her mind about the one that ultimately has the better interest rate. (if you say no to the perkins, it will probably not be available later).</p>
<p>Yes, it does go up for 2012-13 … Perkins is better than Stafford sub next year, if Congress doesn’t move to change the subsidized interest rates.</p>