<p>My apologies if I sound totally uninformed.</p>
<p>I assumed that if I was eligible for certain federal loans (Stafford, Perkins), I would be able to take these loans regardless of which school I picked.</p>
<p>I'm confused why some schools include these loans in their financial aid package while other schools make no mention of the loans. </p>
<p>If the specific loans are not included in my financial aid package, what's the deal exactly? Can I not take a Stafford/Perkins loan in this case? If I do, will the aid they offer me be reduced (and if this is the case, by how much)?</p>
<p>I'm having some trouble comparing financial offers because some award letters mention more/less suggested loans than others... Seems strange to me...</p>
<p>Thanks in advance-- don't waste too much time on me, a quick explanation will suffice (unless I'm so uninformed that it will require more depth).</p>
<p>Some schools meet full need without including loans in their financial aid packages. Is it possible that you were accepted to one of these schools?</p>
<p>OR did you receive sufficient grant or scholarship money to meet your full need (when added to your family contribution) to cover the costs of attending? Schools cannot award more in need based aid than what the cost of attendance is in most cases.</p>
<p>At the schools that have not offered you Stafford loans, do you have unmet need as determined by your FAFSA EFC and the school COA? If your need has been met then they would likely not include Stafford loans in your aid package. If your need has been met but your total aid does not exceed the COA of the school then you are still eligible for unsubsidized Stafford loans but you would have to ask for them. Total aid including loans can not exceed the COA of the school.</p>
<p>If you were not offered Perkins loan you are probably not going to get them. They are need based and they have very limited funding. A school only has so much is Perkins $$s to award, and once they are awarded they have not more.</p>
<p>I’ve always wanted to ask this but do loan eligibility stack? In other words, if you are qualified for $5500 in Federal Direct Loan, $5000 Stafford Loan, $2000 Federal Perkins Loan for 1 year, but you only take out $1000 in Perkins Loan, are you eligible for loans that can roll over? Do loan eligibility even roll over?</p>
<p>The reason why I’m asking is because my 1st year I took out $1400 in Perkins when I should have just took out the entire thing which was $3000 maximum I think or maybe it was $2000 maximum. Then I never saw Perkins offered to me ever again. Perkins gives you 9 months of grace period.</p>
<p>Also how do you pay back your loans after the grace period? Do you get a phone call or letter from your loan counselor? Do the loan counselors operate at a national level or at a local level?</p>
<p>Chaos, you might want to start your own topic ^.^</p>
<p>Yes, Vandy met full “need” as guaranteed through a grant and work study. What left is $10k- essentially my calculated EFC.</p>
<p>The thing is we can’t afford our EFC, as with many families. We’ll have to take out private loans at some point, but given our debt/withstanding loans, we can’t take out much at all. Was hoping Stafford and such would help me out here.</p>
<p>So, mom2college, if I call (slash appeal) Vandy, it’s possible to get a Stafford loan for 5500 on top of the full grant, or would that reduce the grant amount a little? </p>
<p>Maybe I’m really lost here but I don’t even see why Stafford has to go through the school… I mean if the school is getting paid, why would they care if I’m paying out of pocket or through a federal loan? Seems like I should be able to take Stafford from the federal government without it being “offered” in my award package and without “asking” my school… or it is more complex than that? I guess the school’s package ultimately determines my eligibility for Stafford…</p>
<p>They’ve met my calculated need in grants. And that was a massive sum of money. We are appealing, but certainly not expecting them to increase my grant much, if at all. I mean, given what they’ve offered me thus far, and though it would be nice, it would be totally unreasonable to expect more in grants.</p>
<p>I don’t mind taking on some loans… the problem is I am very limited in what we can take on in private loans, so I could really use Stafford to make up the difference.</p>
<p>Chaos…Vandy MET this posters need with grants and work study. They will NOT give more aid to help with the family contribution. Schools don’t give need based aid to fund the family contribution. That is supposed to come from the family…somehow. They can , however, give this student a Stafford loan.</p>
That is the way federal student loans work. The school determines what you are eligible for. The loan is paid directly to them. Only any excess after direct charges is then refunded to you. You can’t get the money directly without going through a school.</p>
<p>Any word on my last Q- Will asking Vandy to include a Stafford loan reduce the amount they give me in grants, considering they already met full need?</p>
<p>Eligibility for a Stafford loan is based on the year. Each year starts new - you can’t roll part of the loan into the next year.</p>
<p>Perkins loans are very different from Stafford loans. A school has a very limited amount of funds for Perkins loans and they decide how to award them. Some years they may offer it to you, others they may not, depending on their funding from that program. Perkins does have a longer grace period, but the interest rate (5%) is higher than the 2011/2012 Stafford loans (3.4%).</p>
<p>(FYI Federal direct and federal Stafford are the same thing, not 2 separate loans)</p>
<p>To clarify further…you would NOT get two separate loans in these amounts. You would get ONE loan. For freshman year $5500, soph $6500, JR/Sr $7500. That is the total Stafford loan amount (unless your parents apply for and are rejected for a Plus Loan and you are then eligible for additional Stafford loan monies).</p>
<p>Someone answer pancaked’s last Q, please? I want to know, too: “Will asking Vandy to include a Stafford loan reduce the amount they give me in grants, considering they already met full need?”</p>
<p>Chaos, your post 15 is not related to the topic of this thread. You will get better responses by starting separate threads when you have questions about unrelated topics.</p>
<p>The 6.8% for subsidized Stafford loans is the unsub rate and was the original interest rate on sub Staffords before they introduced the gradually declining rates. They did not set any rates for 2012-2013 and on so the rate just automatically jump back to what they were before. We probably won’t know until next year whether they will continue giving lower rates.</p>
<p>OP…please…this may not be the case at YOUR school. Students sometimes take the Stafford loans and sometimes they don’t. I don’t know any evidence that says that your Stafford loan eligibility will go away if you do NOT take the full amount in the first year.</p>
<p>Our DD didn’t take the unsubsidized Staffords at all…still they were offered to her EVERY year. </p>
<p>Check with your school to see if NOT taking a Stafford loan for freshman year will have any impact on being awarded this in subsequent years.</p>
<p>Pancaked, your grants will NOT be reduced if you request the $5500 unsub loan. Vandy does not package loans, but the unsub can be requested to help meet the EFC. It will all be unsub because need has been met through the financial aid package.</p>
<p>I will say this about Vandy … the COA is well padded. Add up the true costs: tuition, room, board, and fees. Subtract your grants. You will probably find that it is less than you think. </p>
<p>I am seeing about $54,000 in true costs (if you are not covered by health care, you will have to add in that cost - if your parents’ have a policy that covers you, you will be able to waive it). What was the total of your grants? </p>
<p>My D is a senior at Vandy & we have been extremely pleased with the aid.</p>
Perkins gives you 9 months of grace period.</p>