<p>My financial aid status page has updated to note that I now require a federal perkins loan entrance interview - whatever that means. I’m guessing it means I’ll be receiving a perkins loan as part of my financial aid package, though the package hasn’t been posted yet. Does it mean a student is very needy if they receive a perkins loan?</p>
<p>In theory yes, in practice no. Colleges are pretty much able to set their own criteria as to which of their students are offered Perkins loans. Of course, all have to have financial need – it just doesn’t necessarily mean that you are “very needy”.</p>
<p>Be thankful. A Perkins is a plum in any aid package. Where can you borrow up to $4,000 @0% for 4.75 years, then pay it back @5% over 20 years?</p>