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Federal Perkins Loans
The Federal Perkins Loan is a no-fee, fixed-rate, low-interest, and need-based federal loan for both undergraduate and graduate students administered by UHCL. The federal government funds the loan but the school acts as the lender.
Eligibility
Student eligibility requirements are as follows:
- Must satisfy financial need as determined by the FAFSA guidelines
- Must be enrolled at least half-time at UHCL (3 hours for graduate and 6 hours for undergraduate students)
- Must maintain Satisfactory Academic Progress
- Cannot be in default on any federal loans or owe a Title IV overpayment
- Loan limits cannot exceed annual or lifetime aggregate limits
- Has submitted FAFSA by the April 1 priority deadline for the academic year
Repayment
Repayment begins 9 months after graduation, drop below half-time enrollment or leave school. A borrower may be allowed up to 10 years for repayment of a Federal Perkins Loan.
Perkins Loan Limits
Undergraduate Up to $4,000 per year
Graduate Up to $6,000 per year
Interest Rate and Origination Fee
The Perkins Loan interest rate is fixed at 5%, and there is no origination fee.
Applying for a Perkins Loan
To apply for a Perkins Loan a student must do the following:
- Indicate an interest in borrowing student loans on the FAFSA form (question 27).
- Complete the Perkins Master Promissory Note (MPN) and the Personal and Confidential Information Form, included with the award letter.
- Complete Perkins Loan Online Entrance Counseling at http://mappingyourfuture.org/pe.
Disbursement
Once the Financial Aid Office has received the Perkins MPN and the Personal and Confidential form, the funds are applied to the student's account. Disbursement begins 10 days prior to the start of each semester.
Date Updated: 05-NOV-2008
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