Q&A: Perkin’s Loan?????????
Question by blondechick89: Perkin’s Loan?????????
I am a college student. When I first started college I had a part time job at a grocery store. Because of the job, I only went part time. I was at the job for 3 years and they were not letting me off for class so my grades were dropping. Since I quit the job of August 2010, I am getting good grades and even made the Dean’s List last semester.
Because I went part time for so long, my school has said that I have used all of my financial aid money. Every semester I have to apply for a Parent Plus Loan and I only receive about a $ 1,000-$ 1,500 a semester.
I currently do not have a job. The reason is because my vehicle broke down a few months ago and I have a medical issue where I cannot stand up for 10 minutes or walk across the room without getting lightheaded. So until I get these two things fixed, I cannot find a job.
I am currently living with my mom. I would love to move out and be able to get my own apartment, but I can’t get enough loan money to do so. Right now we are living off of my moms social security. She gets about $ 600 a month, plus $ 100 for food stamps. After all of our bills are paid, some not paid all of the way, we have $ 50-100 left (We are saving $ 50 from car insurance since we do not have a vehicle).
I am about to apply for the Parent Plus Loan again and I came across something called a Perkins loan. It says its only for people in extreme financial need. Because I do not receive very much, I am unable to take classes on campus (the campus is 50 minutes away from my house). I have no vehicle or any means of transportation. Because of this, I have to take all the classes online. But because of the low amount I can’t purchase a computer. I am also required to take a foreign language class for my degree. The textbooks cost $ 300 just for that class alone. So I’m not sure how I am going to be able to afford the money to take the class, so I’m not sure what i’m going to do since its required.
My question is would I qualify for a Perkin’s Loan? Can I apply for both a Parent Plus Loan and Perkin’s Loan?
This is very depressing. I have a friend who is a single teen mother who went to the school for one semester before dropping out. She was able to get almost $ 7,000 back in loan money, plus she has her grandma, aunt, uncle, and churches helping her on all of her bills. Of the money (I went shopping with her) she got her kids a movie and pull ups and spent the rest on herself. And then here I am, I work hard, have been in school since 2007. I do not party, I don’t drink, I don’t smoke, I don’t do drugs, and I am still a virgin so I have no dependents. It’s terrible because she received more loan money than I have in 2-2 1/2 years.
I should mention that I am 24, so I’m considered an independent student.
Answer by altaira
If you were eligible for a perkins loan then it would have been listed on your award letter along with your grants and other student loans. “Extreme financial need” is based on your EFC. Usually, only students with an EFC of zero qualifies.
Also, the perkins loan program is much smaller than the stafford loan program. There is much less money available so even if you “qualify” based on your EFC you may not be able to receive it. First of all, not all schools participate in the perkins loan program so it might not even be an option at your school. Second of all, since funding for this program are limited your school probably only gives it out to students that meet their financial aid priority deadline. If you didn’t meet that deadline then you won’t get it because they awarded all they had available already.
Also, your lending maximum for the year includes perkins loans. So, if you’ve already borrowed your maximum in stafford loans then you wouldn’t be able to get a perkins loan. If you had qualified for a perkins loan it would have reduced the amount of stafford money you were receiving so that the total between them did not exceed the borrowing maximum for the year.
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