Federal Carl Perkins Loan

The Carl Perkins Loan (CPL) is awarded by UDM to undergraduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds established by the federal government and awarded annually based on prior year collections. This loan is a need-based loan and it has a 10-year repayment period. This loan remains in deferment while the student is enrolled at least half-time. Once the student drops below half-time enrollment, stops attending for any reason, or graduates, there is a nine-month grace period before the first payment is due. No interest accrues while the student is enrolled at least half-time or during the nine-month grace period. The interest rate on this loan is fixed at 5%.

The amount of Perkins Loan you receive is determined by the UDM Financial Aid Office. The program limits are $4,000 per year for undergraduate students with cumulative limits of $20,000 for undergraduate loans.

CPL funds are limited and availability of funds varies from year-to-year. Students who are borrowing the CPL for the first time must complete a master promissory note, which will be enclosed with the financial aid award letter. If the promissory note is not signed and returned, the CPL will be cancelled. The promissory note is valid for a 10-year period at UDM.