<p>So I know that the Stafford increases each year from 3500 to 4500 to finally 5500 but I was wondering about the Perkins? I was under the assumption that it was based on specific financial need, so if my efc stays relatively the same, can I expect the amount of the Perkins to stay the same?</p>
<p>Perkins has a maximum of $4000 a year for undergraduates. Stafford maximum isa maximum of $3,500 freshman year, 4,500 sophomore year and $5,500 the remaining years. The Perkins and subsidised Stafford loans are need based. Unsubsidised Stafford is not.</p>
<p>Do you need to pick a lender for Perkins or it's through the school?</p>
<p>So I received $1500 Perkins and $3500 Stafford Sub. I know Stafford will increase each year but will the Perkins if my financial aid situation remains the same?</p>
<p>The subsidised Stafford will not neccessarily increase each year - these figures are maximums - not automatic increases. For subsidised they are need based so if your financial need remains the same they will not increase. Schools have a limited amount of Perkins funds and they decide how to distribute them. If your need stays the same you will probably have the same total in subsidised loans - how it is split between Perkins and Stafford may vary. (i.e they may give you the maximum in Stafford and less in Perkins, more in Perkins and less in Stafford - it really depends what criteria your school uses to decide how to allocate those limited Perkins funds).</p>