I thought subsidized loans were the same, they don't accrue interest either? So technically, with variable interest rates the way they are now, isnt subsidized staffords the best option right now? Now, I know interest rates may change, but right now, sub's are better. right?mpp said:Perkins loans are typically better than unsubsidized Stafford loans since there is no interest while in school.
I just want to verify that I have this right. There is a max yearly limit of $6k for Perkins max aggregate of $40k. My question is does the $6k per year count against the $38,500 Stafford loan cap? Could I potentially receive $6k in Perkins and $38,500 in stafford?mpp said:It depends on what you think might happen to interest rates by the time you are out of school. Subsidized loans accrue interest when you are done with school. The Perkins Loan was thought thought to be a great deal when Stafford loans were at 7-8%, or worse in the days of no cap student loan interest rates were above 10%. Stafford loans are capped at 8.5% but the interest rate is variable and can change once each year. Perkins are fixed at 5%.
If they had money to give you in Perkins Loans, they likely would have already included it in your award letter. They only have so much to give, so they try to allocate it among the students they think have the greatest need. However, it never hurts to ask!CarerraGT said:Is there anyway that I can request to have Perkins loans substitute for some part of my unsub stafford and take out more money with that then? currently they gave me only 30k and i was hoping to get about 35k/year (with as much non-accruing loans as possible).