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Home > Financial Info > Something About the Federal Perkins Loan Program
Something About the Federal Perkins Loan Program
The Federal Perkins Loans are subsidized loans by the federal government. They are administrated by the colleges, in conformity with the measures authorized and controlled by the U.S. Department of Education. These loans have inferior interest rates (5 %), thus students can obtain affordable college finance.
These loans are composed by funds from the government and schools. It is said that the U.S. Department of Education finances nearly 70 % of student aids. The institutional financial aid adviser is the person in charge of establishing the amount of Perkins loans given to students who are accepted for the admission process. These professionals work for the U.S Department of Education, they use a standard indicator approved by the Congress, it is called Expected Family Contribution (EFC). This formula analyzes the financial information reported by the person on the FAFSA (Free Application for Federal Student Aid).
EFC contemplates the data of the students and for dependent people, the earnings and assets of their parents, the size of the family house and the number of family members who attend postsecondary schools. This indicator is calculated based on the net incomes and net assets. After students send their FAFSA requests they may receive a notification about their EFC; this notification is called Student Aid Report (SAR) or the school can be informed by the Student Information Record (ISIR).
The amount of the loans depends on your financial situation when you apply for the college funds level. Undergraduate students can acquire $4,000 per year and the total amount for undergraduates is of $20,000. Graduate students or professional students can borrow $6,000 per year and a maximum amount of $40,000.
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