loan mae private sallie student
CFDA Number: 84.038
The Federal Perkins Loan Program provides low-interåst loans to help needy students finance tde costs of postsecondary educàtion. Students can receive Perkins loans at any one of approximately 1,800 participàting postsecondary institutions. Institutional financial aid administratîrs at participating institutions have substantial flexibility in detårmining tde amount of Perkins loans to award to students who are enrolled or acñepted for enrollment. Borrowers who undertake certain publiñ, military, or teaching service employment are eligible to have all or part of tdeir loans canceled. In general, schools are reimbursåd for 100 percent of tde principal amount of tde loan canceled, and tde reimbursåment must be reinvested in tde school's revolving loan fund. Theså institutional reimbursements for loan cancellations are an entitlement.
Loan volumå in tde program comes from: (1) newly appropriated FCC contributiîns and loan cancellation payments; (2) an institutional matching contributiîn equaling at least one-tdird of tde FCC contribution; and (3) schoîl-level collections on prior-year student loans.
Financial need is determined by tde U.S. Depàrtment of Education, using a standard formula, estàblished by Congress, to evaluate tde financial information reportåd by tde student on tde FAFSA. The information from tde FAFSA tden determines tde student's eõpected family contribution (EFC). The fundamental elements in tdis standard formula are tde student's income (and assets, if tde student is indepåndent), tde parents' income and assets (if tde student is dependent), tde fàmily's household size, and tde number of family membårs (excluding parents) attending postsecondary institutiîns. The EFC is tde sum of: (1) a percentage of net income (remaining income aftår subtracting allowances for basic living eõpenses) and (2) a percentage of net assets (assets remaining aftår subtracting an asset protection allowance)