Federal Carl Perkins Loan

Save the Perkins Loan program!

Perkins Loan

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.

NEW Grandfathering Rules - Effective January 30, 2015

The U.S. Department of Education notified schools that the Federal Perkins Loan will be phased out over the course of the next few years.

  • New borrowers will be eligible for the 2015-16 academic year, but only if the first disbursement has paid to the student account by September 30, 2015.  Loans that were awarded, but not paid by that date will be cancelled.  These students are not eligible for loans in future academic years.
  • The phase out  allows some students the ability to remain eligible for the Federal Perkins loan when all of the following apply:
    • The student received at least one disbursement of a Federal Perkins loan during or before the 2014-15 academic year.
    • The student is enrolled in the same school where his or her last Perkins Loan was disbursed.
    • The student is enrolled in the same academic program for which the student received his or her last Perkins Loan.
      • If you have changed programs you may no longer be eligible for the Perkins Loan.   For example: if you were a biology major but changed to business administration, you will not be eligible to receive the Perkins loan.
    • Students must demonstrate need for the Perkins Loan after the Direct Subsidized Loan is awarded.

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 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