Federal Perkins Loans are low-interest loans awarded to both undergraduate and graduate students who demonstrate exceptional financial need. Priority is given to students who submit their FAFSA by the priority application deadline of February 14.
The interest rate is fixed at 5 percent and the federal government pays interest on the loan until you begin repayment. UMBC is the lender and repayment to UMBC begins nine months after the student is no longer enrolled at least half time (six credits). The award ranges from $2,000 to a maximum of $5,500 per year for undergraduate students and $8,000 per year for graduate students.
Separate Perkins Loan aggregate limits apply: $27,500 for undergraduate students and $60,000 for graduate students.
A student whose financial aid package lists a Federal Perkins Loan is required to complete a Master Promissory Note and Perkins Loan Entrance Counseling to receive the loan funds. For more information about the Federal Perkins Loan, please visit the Student Business Services Office.