Student Business Services

Entrance Counseling

Exit Counseling

Your Loan Information On-Line

Perkins Forms

There is no application required (other than the FAFSA) and no origination fee charged on Federal Perkins Loans. Eligibility for the loan is determined by the Financial Aid Office.

If this is your first Federal Perkins Loan at UMBC, you must:

• Complete a Perkins Entrance Counseling Session On-line and sign a Master Promissory Note (MPN) in person in Student Business Services.
• Review your email regularly. We will notify you by email (to your UMBC email address) when it's time for you to complete both requirements above and we'll send you instructions on what to do.
• Complete Perkins Entrance Counseling and sign your MPN by October 1 (for the Fall semester) and by March 1 (for the Spring semester) or your awards will be canceled.

If you have signed a Perkins Master Promissory Note in a previous semester, you must:

• Contact Student Business Services, only if you DO NOT want the loan. Once we have an MPN on file, all subsequent loans will be disbursed to your student account automatically. You have 14 days from the disbursement date to contact this office, in writing, to request cancellation of the loan. Requests received after 14 days of disbursement, will not be honored.
• All students with MPNs on file will be asked to complete a Perkins Loan Update form, when subsequent awards are disbursed
  

Loan Repayment

• Repayment of the Federal Perkins Loan begins at the end of a 9-month grace period that begins when you leave the University (graduate or withdraw) or drop below six credits. Payments are based on the total amount borrowed, but may not be less than $40 per month. Since your loan requires repayment within 10 years, your payments may be higher than the minimum repayment. You can pre-pay your loan at any time without penalty.
• All Federal Perkins Loans borrowers must complete an Exit Counseling Session On-line and return a signed disclosure statement prior to leaving UMBC.
  
  Deferment

Under certain circumstances, you are entitled to have the repayment of your Federal Perkins Loan deferred. During deferment, you are not required to pay loan principal and the interest does not accrue. After each deferment, you are entitled to a post-deferment grace period of six consecutive months. Click here for a Deferment Application.

Cancellation

You may have all or part of your Federal Perkins Loan cancelled for engaging in teaching, public service, service in the Peace Corps or ACTION, or service in the military. Click here for a Cancellation Form.

Forbearance

If you are having difficulty making your payments you can apply for Forbearance. Forbearance is a temporary postponement of payments. Interest continues to accrue during forbearance. Click here for a Forbearance Application.

Your Account Online

Campus Partners is the servicing company for all UMBC Perkins Loans. Once you have signed an MPN, you can review the status of your Federal Perkins loans any time by logging on to www.mycampusloan.com. From this site you can make on-line payments, make changes to your personal information and download all Perkins forms.

Contact Us

Please send emails to: perknmgr@umbc.edu or call (410) 455-1471 if you have questions pertaining to your Federal Perkins Loan.