UDM Logo

Federal Carl Perkins Loan

How to apply

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  The grandfathering guidance is no longer applicable to the Perkins Loan Program.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

Eligibility

Disbursement

Annual and lifetime Perkins Loan limits

Interest rate

Repayment

Helpful links