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Federal Perkins Loan

Change of Status

Until your loan is repaid, please keep the UMD Financial Collections Office informed of any change in your name, address, telephone number, Social Security number, or driver’s license number.


All or any part of your unpaid loan balance may be paid at any time without penalty.

Interest Rates

All loans made on or after August 13, 1981 carry an interest rate of five percent (5%) per year.

Grace Period

All loans made after June 30, 1987, carry a grace period of nine months, during which time interest does not accrue on the loan and repayment is not required. The grace period ALWAYS begins on the date you cease to be at least a half-time student.

Student Loan Ombudsman

If you dispute the terms of your NDSL or Federal Perkins Loan in writing and the holder of your loan is unable to resolve the dispute, you may seek the assistance of the Department of Education's Student Loan Ombudsman. The Student Loan Ombudsman will review and attempt to informally resolve your dispute and may be reached at 1-877-557-2575.

Repayment of Loan

The total amount of the loan received under this program, plus accrued interest, must be repaid within a ten-year period which begins immediately after the grace period expires. If you cease to be a half-time student, but re-enter the same or another accredited school as at least a half-time student within the applicable grace period, the grace period is not considered to have begun (i.e., the repayment period does not begin until you have been away from an eligible course of study continuously for the full duration of the grace period).

During the repayment period, your monthly payment amount will be a minimum of $40 in principal and interest according to your repayment schedule. If the amount you borrowed is greater than $4800.00 your monthly payment amount will be larger.

Death or Disability

If you die, the unpaid balance of the loan and accrued interest thereon is canceled. To claim cancellation, the executor of the estate or a family member must submit a death certificate to the lending school.

Permanent and Total Disability

If you become unable to engage in any substantial gainful activity because of a medically determinable impairment, the unpaid balance of the loan and accrued interest thereon may be canceled. To claim this entitlement, a formal request for cancellation must be submitted to the lending school, along with a physician’s statement which certifies the date of onset, nature, and extent of your disability, and copies of medical records pertinent to the disability. Final approval of the loan cancellation will be made by the U.S. Department of Education.