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Financial Aid Package Help

jabrown2013jabrown2013 Registered Users Posts: 11 College Search & Selection Champion
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?
Post edited by jabrown2013 on

Replies to: Financial Aid Package Help

  • purpleacornpurpleacorn Registered Users Posts: 25
    edited May 2013
    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.
  • dodgersmomdodgersmom Registered Users Posts: 47
    edited May 2013
    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.
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