Federal Perkins Loan
If you are a full-time undergraduate student with exceptional financial need (the lowest EFC), you may qualify for the Federal Perkins Loan. Be aware that funds are limited. To be among the first recipients, you are strongly encouraged to submit your Free Application for Federal Student Aid (FAFSA) by the priority deadlines (new students, March 1 or for returning students, April 15) before funds are depleted for the aid year.
No insurance premiums or origination fees are charged. The interest rate on the Perkins loan is fixed at 5%, and the federal government pays the interest on the loan as long as you are enrolled at least half-time. The 10-year loan repayment period begins nine months after a student graduates or drops below half-time enrollment.
To be eligible for a Federal Perkins Loan, you must meet the following requirements:
- Be enrolled in a degree-seeking program through one of the following collegiate units:
- College of Science and Engineering
- College of Liberal Arts
- College of Education and Human Service Professions
- Labovitz School of Business and Economics
- School of Fine Arts
- UMD Graduate School
- Have a FAFSA on file for the current academic year
- Be enrolled at least half-time
- Be meeting all Satisfactory Academic Progress (SAP) standards
- Meet all of the general eligibility requirements for financial aid recipients
When you accept a Perkins loan award, you will be sent an email directing you to a website to complete the Perkins promissory note and loan disclosure. Your loan cannot be disbursed to you until you have signed the promissory note, a legal and binding contract of your promise to repay the Perkins loan, according to the loan amount, interest, repayment terms, and exit counseling requirement. If you sign the promissory note electronically, the disclosure or reference information is included in one process. If you choose to do the paper forms, the promissory note and disclosure are two separate forms.