<p>So, one of the colleges I got into gave me a Perkins Loan, while the other one didn't. I'm just curious if I'm eligible across the board for the loan, or if it varies from institution to institution. Also - what's the average EFC for someone receiving this loan? It's pretty vague with the whole "exceptional need" thing...</p>
<p>It varies from institution to institution. Perkins is a campus based loan and has very limited funding. A school has only so many Perkins dollars to award and once they are gone they are gone. Each school can determine their own criteria for awarding it and the maximum they will award. There is no average EFC that I knowof. Some schools do not even have any Perkins funds to award.</p>
<p>Yes it is vague. Like the SEOG a school can determine their own criteria for awarding it. Most schools do not seem to publicize their criteria. Probably because there are more students that need the awards than they have awards to give.</p>
<p>^ Thanks for the help! :)</p>
<p>Four years ago my son got one from Conn College, we were told, since so many students there were paying full or over half tuition, we were one of the more “needy” families, although not by other standards. He didn’t get any from his other 6 colleges.
This year, one D received a small one from Providence, maybe they have more Perkins dollars to spend or again, there aren’t as many needy students.
I’ve never really been able to figure it out, but I know not every parent understands it. Back when my son applied, one kept telling me that I was mistaken, the loan had to be something else. It all depends on how much money if any they have, as swimcatsmom said, and how many need it.</p>
<p>Our EFC was 11,500 and our D got one this year from William & Mary. I was also a bit confused because while we appreciated the loan, I never thought of us as “especially needy”! My husband and I had a good laugh over that one (perhaps we’re worse off than we thought?). Anyway, a FA officer at W&M explained to me that Perkins Loans were the best student loans out there and that there were limited dollars available. She said that they consider many factors (need, in state status, etc.). She also said that it helps to get your FAFSA filed early and get those supporting documents in ASAP. (We did do that…filed FAFSA Feb. 11, and faxed supporting documents the day they requested them–I somehow think that helped).</p>
<p>I can’t figure it out. Perkins loans are not available at every school. Where they are available they have limited dollars.
My daughter goes to a private school and I asked about Perkins loans and they told me they have never had them available. No idea why.<br>
They are indeed the best loans out there but are in a limited supply.</p>
<p>Actually this year they are a higher interest rate than a subsidized Stafford. Sub Stafford dropped to 4.5% while Perkins remains at 5%. There was also some talk a while back of new Perkins loans becoming unsubsidized loans some time in the not too distant future. I don’t know if that is still on the cards.</p>
<p>I read somewhere once that schools only have additional Perkins funds as outstanding Perkins loans are paid back to them. I don’t know how accurate that is.</p>
<p>With an EFC of about $15,000 - my son rcvd a 4000 Perkins loan from Wake Forest last year - no idea of what he will be offered this year. Like terig, I was a little surprised that on their website - they describe this loan as being given to families with “exceptional need” - which caught me a little off guard - but it was an attractive loan, so we took it.</p>
<p>My daughter received a $1500 Perkins offer today from the school where we would look the “neediest”. Luckily it is also her top choice school. They didn’t even suggest PLUS loans to meet COA, it is all based on her merit, scholarship, loans, fin need, which makes me very happy. I think we’ll take Perkins and Sub Fed and decline UnSub Fed and make up the difference ourselves.</p>
<p>Another school suggested $7745 in PLUS loans as part of our “package”. Um, no thanks.</p>