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Financial Aid Package Help

jabrown2013jabrown2013 9 replies2 discussions
I was hoping I could get some help from all the knowledgeable people here in the Financial Aid forum with some questions and clarifications I have about the financial aid package I have received.

In my package I received both a Subsidized Federal Direct Loan for $3,500 and a Federal Perkins Loan for $1,500 for the year. The thing is, I did not receive an Unsubsidized Federal Direct Loan as part of my package.

I understand that as a first-year student I should be eligible for a total of $5,500 in Stafford Loans, and I know that the Subsidized Federal Direct Loan is counted towards that total; is the Perkins Loan also counted towards that total of $5,500?

Also, even though I was not offered the Unsubsidized Loan as part of my financial aid package, am I still able to receive that loan if I need a little more money to cover my EFC?
2 replies
Post edited by jabrown2013 on
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Replies to: Financial Aid Package Help

  • purpleacornpurpleacorn 23 replies2 discussions New Member
    No, the Perkins loan doesn't count towards the 5.5k limit for freshmen on Staffords. You should be able for the additional 2k in unsubsidized loans; ask your FA office. The school is trying to help you because the Perkins loan has both a lower interest rate and is subsidized, as compared to the unsub loan.
    edited May 2013
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  • dodgersmomdodgersmom 38 replies9 discussions Junior Member
    Yes, as purpleacorn said, you are eligible for the unsub loan if you want it . . . so long as your TOTAL aid package does not exceed the actual cost of attendance.
    edited May 2013
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