Business Finance
Does anyone know about school student loans?

Question Description

Does anyone know about school student loans? I have a loan out that I owed on and they took my federal return. I was approved for a payment plan type thing. I have made so far two payments on time with them but my tax return hasn't yet been applied to my bal... so my question is will they return it back to me? Thank you for all answers back in advance

Final Answer

The Department of Ed doesn't list this because Perkins loans are a campus based source of aid.
With other types of aid, such as Pell grants or Stafford loans, eligibility is based on federal standards and every student who meets them will receive the award they qualify for. But Perkins loans are different. They are intended to help schools meet needs that are particular to their school. For example, at one school they might be awarded to very low income students in a program that has unusually high costs. At another, they might be used to assist students with emergency situations.

A school's allotment of Perkins funds is partially based on the repayment performance of previous borrowers (i.e. the school gets more funds when students pay back their loans), so the amount of funding a school has to give can vary quite a bit from year to year.

Choosing a school based on whether or not they participate in the Perkins loan program doesn't make sense because even if they do, they may not have funding for this year, or you may not meet their qualifications for one. If a school does participate, they have to publish their policies and procedures for awarding Perkins funds. You can find this information by contacting the FA department at the schools you are interested in.


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