The Federal Perkins Loan Program is considered campus-based financial aid. This is because even though the money is provided through a federal loan it is managed by the participating college or university.
The funds are provided by federal and school contributions as well as payments collected from previous years' loans. How that money is distributed to you is up to the individual academic institution.
Your school's financial aid staff will factor in your Expected Family Contribution (EFC), scholarship and grant money, other need-based assistance and the availability of program funds at your school. They will then determine how much to award you in Federal Perkins Loans and how to distribute that money to cover college expenses.
If you have an outstanding balance with your school they will most likely apply the money directly to that. If there is no outstanding balance you may receive a check for the loan.
The Perkins Loan will be broken up into two disbursements throughout the academic year. Check with your financial aid adviser about these dates so you know when you will receive this money and then plan around this information.
|Jennifer Mathes, Ph.D.|