Bursar Home Page

Entrance Counseling

Exit Counseling

Your Loan Information On-Line

Perkins Forms

NO APPLICATION / NO ORIGINATION FEE

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.

YOU HAVE BEEN AWARDED A PERKINS LOAN
WHAT SHOULD YOU DO?

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

• Complete a Perkins Entrance Counseling Session On-line.
• Look for "Unapplied Perkins Awards" on your student account on MyUMBC.
• Come to Student Billing to sign the Perkins Master Promissory Note (but not until 10 days prior to the beginning of the semester).
• You must complete all disbursement requirements by October 1 (for Fall) and by March 1 (for Spring), or your awards will be cancelled for non-response. Cancelled awards cannot be reinstated automatically. If your awards have been cancelled, you must contact the Financial Aid Office regarding reinstatement.

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

• Contact Student Billing, only if you DO NOT want the loan. Once we have a Perkins Master Promissory Note 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
  
  

REPAYMENT OF THE LOAN

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.

*NOTE: All Federal Perkins Loans borrowers must complete an Exit Counseling Session On-line and return a signed disclosure statement prior to leaving UMBC.

DEFERMENTS

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.

CANCELLATIONS

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 ON LINE

Campus Partners is the servicing company for all UMBC Perkins Loans. Once you have signed a Perkins Master Promissory Note, 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.