Although the country is dotted with over 1,700 participating institutions of higher education, it is important to consult individual campus financial aid offices for specific program information.
The amount of funding available at any given school is strictly based on the financial resources in that particular college’s Perkins account.
Repaying your Perkins Loan on time actually helps you build credit, so responsible borrowing for education should not be under-utilized.
Individual colleges evaluate your financial aid needs based on information you submit to the government.
Federal FAFSA filing deadline is June 30th, but individual states and campuses impose their own unique filing requirements.
The application can be filed any time after January 1st, so students who are counting on federal aid; especially Perkins Loans, are encouraged to file as early as possible. A small percentage of FAFSA applicants are required to submit additional documentation or clarify application entries, but once your financial information is in place, an individual Student Aid Report (SAR) is generated.
The form is used by individual institutions of higher learning to evaluate your college funding outlook, and contains vital determinations like your Expected Family Contribution (EFC).
Considering family income limitations and the number of siblings you have that are also attending college, your EFC represents a baseline contribution that falls within your means.
Perkins Loans fill important funding roles for students who qualify; but the pool of aid isn’t bottomless.