Federal Carl Perkins Loan

Eligibility Requirements

In addition to program specific eligibility requirements students must also meet general eligibility requirements to be eligible for all federal grants and loans.  Contact your financial aid advisor if you have any questions regarding your eligibility for federal financial aid.

How to apply

  • File the Free Application for Federal Student Aid (FAFSA). Perkins Loan will be included in your aid package if you are eligible.
  • Summer semester Perkins requires the FAFSA AND an UDM summer aid application.

The Federal Perkins Loan Program Extension Act of 2015 enacted on December 18, 2015, extends the Perkins Loan Program through September 30, 2017. The Extension Act eliminates the Perkins Loan grandfathering provisions that the Department previously enacted. The Extension Act establishes new eligibility requirements for undergraduate and graduate students to receive Perkins Loans.  The grandfathering guidance is no longer applicable to the Perkins Loan Program.

Per the changes in the Extension Act, effective December 18, 2015, schools participating in the Perkins Loan Program may make Perkins Loans as specified below:

Undergraduate Students

A school may make Perkins Loans through— To an— Who, on the date of disbursement— If the school has  awarded the student—
September 30, 2017 Eligible current undergraduate student Has an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized Stafford Loan aid for which the student is eligible.
September 30, 2017 Eligible new undergraduate student Does not have an outstanding balance on a Perkins Loan made by the school. All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible.

Graduate Students

A school may continue to make Perkins Loans through— To an— If the graduate student— And the new Perkins Loan will—
September 30, 2016 Eligible graduate student who has received a Perkins Loan before October 1, 2015. Received his or her most recent Perkins Loan from the school, for enrollment in an academic program at the school. Enable the graduate student to continue or complete the academic program for which the student received his or her most recent Perkins Loan.

If you have any questions regarding the Extension Act above please contact The Financial Aid Office at (313) 993-3350 or email us at finaid@udmercy.edu.

Other requirements to receive Perkins Loan

  • You must accept your loan in TitanConnect.
  • You must complete a Perkins Master Promissory Note on the web, with our servicer, ECSI.  
    • You will receive an e-mail when your Perkins Loan Promissory Note is ready to e-sign.  The email will be from the company that UDM has contracted to service our Perkins Loans, Education Computer Systems (ECSI).
    • You will e-sign using the PIN provided by ECSI. 



  • Funds are generally disbursed to student accounts at the beginning of each semester.  Once the student account is paid in full, any remaining funds are disbursed to the student.  

Annual and lifetime Perkins Loan limits

  • The program limit for Perkins is $5500/year for undergraduate students, with cumulative limits of $27,500.  Students who have not yet completed two years of their program of study are limited to $11,000.  Program of study advancement for Perkins is the same as the Stafford loans.

Interest rate

  • The interest rate is 5% with the interest paid by the federal government while the student is in school at least half-time and during a 9-month grace period after graduation or less than half-time enrollment.
  • There are no loan origination fees.


  • The standard repayment period is 10 years.
  • Perkins Loan is subject to partial forgiveness/cancellation for some types of teaching/public service.
  • For Perkins deferment and repayment questions contact the Student Accounting Office.  You will be making your payments to UDM (or Heartland ECSI, a company we contract with), since the school acts as lender for the federal government.
  • When you near graduation (or drop below half-time) you will be given information on loan repayment. This is referred to as exit counseling or an exit interview.

Helpful links