Federal Perkins Loans are low-interest loans awarded to both undergraduate and graduate students who demonstrate exceptional financial need. 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.
The Perkins program is being phased out nation-wide. A limited number of prior borrowers will be eligible to continue with this program at UMBC. Awards will be made in early July and eligible students will be notified by email.