luliztee

I understand as a freshman she can recive a stafford loan of approx $2600.

How do the Federal Perkins loans work and what criteria does a school follow to determine amount?

What other loans can my d recieve in her name alone w/o a co-signer. We ( her parents are ineligible to apply for any loans(PLUS or other)

My d is under the impression from talking w/ students at high school that she can finance the gap between fin aid pkg offers herself w/o our help by taking loans in her name.

What loans and amts would an 18 yr old going to college freshman year apply for?

sybbie719

Stafford Loans allow dependent undergraduates to borrow up to $2,625 their freshman year, $3,500 their sophomore year and $5,500 for each remaining year (independent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years).

The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. (The Perkins Loan is the best student loan available. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or guarantee fees, and the interest rate is 5%. There is a 10-year repayment period.

The amount of Perkins Loan you receive is determined by your school's financial aid office. The program limits are $4,000 per year for undergraduate students and $6,000 per year for graduate students, with cumulative limits of $20,000 for undergraduate loans and $40,000 for undergraduate and graduate loans combined.

http://www.finaid.org/loans/studentloan.phtml

Your best bet is to speak to the financial aid offices at the schools which D is interested in and ask them about the Perkins loan. I think that is going to be very hard for your 18 year old with little or no credit history to get a loan in her name without a co-signer.


All the best

emeraldkity4

however if she wants a credit card..............