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Federal Perkins Loan

Federal Perkins Loan is a type of borrowed financial assistance that must be repaid. However, the Perkins Loan interest rate is only 5%, and repayment of principal and interest does not begin until 9 months after you graduate (or cease attending UCM on at least a half-time basis). Students pursuing both undergraduate and graduate degree programs, as well as students admitted to teacher certification programs can be considered for Perkins Loan aid. A Perkins Loan is normally offered to students planning to enroll full-time (12+ undergraduate credit hours or 9+ graduate hours during the fall and spring semesters) who also have high levels of calculated financial need (based on the FAFSA data) and who submit the FAFSA prior to UCM's FAFSA application priority date of April 1st.  Perkins Loan award values range from $500 to $1500 per semester.

Detailed information about the Federal Perkins Loan program is available by clicking here.

If you're a first-time borrower of Federal Perkins Loan funds, please be aware that you must print off, complete and submit the Perkins Loan Promissory Note documents to the UCM Office of Student Financial Services.

Changes made to the terms of the Federal Perkins Loan program due to the College Cost Reduction and Access Act can be reviewed by clicking here.

Information about repayment of monies borrowed from the Federal Perkins Loan program is available by clicking here.