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Author Topic: Perkins Loan ?  (Read 1140 times)

eli250

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Perkins Loan ?
« on: April 10, 2006, 02:26:48 PM »
I just got an estimate of my financial aid package.  There were some direct stafford loans that I expected, but they also included a Perkins Loan.  I've never gotten one of those before.  The surprising thing was that the combined total of the loans was about 20,000.  I thought you couldn't borrow more than $18,500.  Any idea what it's all about 

trogdor

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Re: Perkins Loan ?
« Reply #1 on: April 10, 2006, 04:18:48 PM »
sorry for prying, but what was the breakdown on the loans.  did they cut the subsidized stafford or unsubsidized stafford when you got the perkins or did they just give you 1500 for the perkins?
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terralily

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Re: Perkins Loan ?
« Reply #2 on: April 10, 2006, 04:34:39 PM »
With Perkins loans the school is the lender so that it why funds are so limited.  They're called federal aid because I think the schools get some sort of government assistance, but the funds are from the school's pot o' money.  They're very hard to get(meaning awarded there is no credit check involved) and have great interest rates!
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eli250

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Re: Perkins Loan ?
« Reply #3 on: April 10, 2006, 08:28:49 PM »
sorry for prying, but what was the breakdown on the loans.  did they cut the subsidized stafford or unsubsidized stafford when you got the perkins or did they just give you 1500 for the perkins?

They cut my subsidized stafford.  It ended up being 12000 unsubsidized, about 2000 subsidized and 6000 perkins.  They matched my cost of attendance with loans, which isn't too much more than the 18,500.   

eli250

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Re: Perkins Loan ?
« Reply #4 on: April 10, 2006, 08:33:23 PM »
perkins is separate and apparently the best of the federal loans. the funds are also very scarce, so they must want you. or if its a school that considers parents, your parents must be mega poor :)

If they only give it to people with a lot of financial need I couldn't imagine why I'd qualify.  The school didn't take my parent's income into account (would have helped because they are pretty poor).  But I made almost 50k last year, so it probably didn't look like I was too poor.

icf

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Re: Perkins Loan ?
« Reply #5 on: April 12, 2006, 12:17:24 PM »
perkins loan is sweeeet -- doesn't accrue interest while you're in school and fixed rate of 5% (as of now, i don't know if they'll change it in the future though).

do you know what your efc was on fafsa?  i think you get it if it's under a certain amount.

fender

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Re: Perkins Loan ?
« Reply #6 on: June 13, 2006, 10:25:43 PM »
so you don't have to apply with a separate lender like stafford and grad plus right?  the school should contact you directly about a promisorry note and all that?

fender

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Re: Perkins Loan ?
« Reply #7 on: June 13, 2006, 10:33:39 PM »
"a lot" like two?  or three including the one other i've posted.  isn't part of the point of this board to allow people to ask questions??  sorry if i've asked too many....

chonralda

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Re: Perkins Loan ?
« Reply #8 on: June 14, 2006, 10:18:02 PM »
ask away. that's what us lsd addicts are here for...the fix of helping other addicts...:)
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phooey

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Re: Perkins Loan ?
« Reply #9 on: June 22, 2006, 07:51:19 PM »
so you don't have to apply with a separate lender like stafford and grad plus right?  the school should contact you directly about a promisorry note and all that?

I had perkins loans in my undergrad finaid package.  The school contacted me about signing the promissory note and all that, but now that I've graduated I've been paying it back to the school through these folks:
https://www.mycampusloan.com

Just my experience with it.

On a side note, don't worry about asking questions.  Last time I checked, this was a message board devoted to discussing law school financial aid matters, which inherently involves asking questions.  Some people just can't resist the urge to take a semi-anonymous dump on someone else.  ;)