Federal Perkins Loans

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.

First Perkins Loan at UMBC

  • Complete a Perkins Entrance Counseling Session On-line and sign a Master Promissory Note (MPN) in person in Student Business Services.
  • Log in to myUMBC and read all ALERTS. Complete all "To Do's".
  • Complete Perkins Entrance Counseling and sign your MPN by October 1 as soon as you see an ALERT on myUMBC.
  • Contact the Financial Aid office only if you DO NOT want the loan.

Returning Students

  • All students with MPNs on file will be asked to complete a Perkins Loan Update form, when subsequent awards are disbursed
  • Contact the Financial Aid office only if you DO NOT want the loan.

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. 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.
  • Transcripts and registration holds will be placed on accounts if exit requirements are not met.

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 one of the following; teaching, public service, service in the Peace Corps, 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.


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