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.
Effective September 30, 2017: The US Department of Education is phasing out the Perkins Loan program. No new Perkins Loans will be made after this date. If you received a disbursement of a Perkins Loan for the Fall 2017 semester before September 30, 2017, you may receive the Spring 2018 disbursement of your Perkins Loan. Beginning with the 2018-2019 award year, no undergraduate or graduate student may receive Perkins Loan funding.