Federal Perkins Loan

The Federal Perkins Loan is a low-interest loan that is offered to undergraduate or graduate students with exceptional financial need as determined by the FAFSA. Perkins loans are typically awarded to students who have the lowest Expected Family Contribution (EFC). This is a student loan that is taken out in your name that must be repaid.

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 standards
• Meet all of the General Eligibility Requirements for financial aid recipients

If you accept a Federal Perkins Loan, you will need to complete a Federal Perkins Loan Master Promissory Note (MPN) before the loan funds will be paid to your student account.

If you have been offered a Federal Perkins Loan and you are not enrolled full-time, your loan will be adjusted or cancelled based on your actual enrollment as of the end of the second week of the term (census date). To receive the full amount of this loan, you must be enrolled full-time.

Below are some links you may find helpful:

• Additional information on the Federal Perkins Loan Program
• Federal Perkins Loan Master Promissory Note (MPN)