Do I Qualify For Perkins Loans?
Not everyone who applies will qualify for Perkins Loans. In fact the U.S Department of Education uses a very specific standards formula to determine who can receive these types of loans. The determining factors are part of a students FAFSA information and are broken down using the following information: family household size, the number of household members attending postsecondary institutions and parental income minus living expenses.
According to the U.S. Department Of Education the Expected Family Contribution (EFC) is based on the following information:
"The EFC is the sum of: (1) a percentage of net income (remaining income after subtracting allowances for basic living expenses) and (2) a percentage of net assets (assets remaining after subtracting an asset protection allowance)."
To determine if you qualify I would recommend filling out the FAFSA application within the timeframe provided by the program.
Loan Application Website: http://www.fafsa.ed.gov/
Is Your School Eligible?
Also, you must ensure that your school participates in the Perkins Loan program, currently nearly 1600 post secondary instutitions participate in the program.
Independent students, students with independents and wards of the state also qualify based on separate EFC standards. For students in these type of situations I suggest contacting your schools financial aid office for qualifying information.
You must be a legal U.S. citizenship, have permission of permanent residency, or be an eligible non-citizen status You must have "Satisfactory academic progres" which is determined at the time of the loan application You can not have any type of unresolved defaults or overpayments, specifically for Title IV education loans or grants
Enrolled at an school at least half-time in a degree program U.S. citizenship, permanent residency, or eligible non-citizen status Satisfactory academic progress No unresolved defaults or overpayments owed on Title IV education loans and grants
- Must be enrolled at an eligible school with at least half-time enrollment status
- Must be a legal U.S. Citizen, have legal permanent residency or have eligible non-citizen status
- You must not have any UNRESOLVED default or overpayments with Title IV education loans or grants
If you do have any unresolved loan issues you can still receive Perkins Loans in most cases once those issues have been resolved.