<p>At what point does one know if he is eligible for Perkins loan? FAFSA confirmation page says the following:</p>
<p>
[quote]
Pell Grant estimate: $5,500
Direct Stafford Loans estimate: $5,500</p>
<p>You may also be eligible to receive other federal,state or institutional grants, scholarships, and/or work-study.
[/quote]
</p>
<p>It doesn't mention Perkins loan though. Is that an institutional loan?</p>
<p>yes it is. So it depends on the school.</p>
<p>It is at the discretion of the college and if they have Perkins available. I had a period of unemployment for 15 months, sole income owner with retired husband, 3 kids one in college at the time and was able to check the dislocated worker button. My oldest son’s college offered my son the Perkins the second year I did the FAFSA but not during the first unemployment year.</p>
<p>Thanks for the info.</p>
<p>Perkins loans are also limited funding loans. Colleges get an amount of money to disburse as Perkins loans. Once that money is gone, there are no additional Perkins loans awarded. Each school sets the criteria for awarding the Perkins loan…in terms of you financial aid need.</p>
<p>Good point thumper, I was going to also say that but the din in my house was reaching too high of a pitch for me to ignore and I hit send before making that point.</p>
<p>Some schools do not even take part in the Perkins loan program.</p>
<p>It is very different from the Stafford. My understanding is that it is funded partly by new funds from the govt, partly by the school (I think a school must fund a certain % of what the govt provides), and partly by what the school has collected from existing Perkins loans.</p>
<p>So funds are very limited and may vary from year to year. My daughter’s EFC has been about the same every year. Some years she has received Perkins of varying amounts, others not. Last year she did not get then out of the blue was offered $200 in the spring semester. Currently the sub Stafford is better interest rate wise so we prefer she gets that (and hopefully her loans don’t exceed the amount of sub stafford).</p>