Federal Perkins Loan

The Federal Perkins Loan is a low interest (5%) program available to students who have exceptional financial need (the lowest EFC). There is no origination fee and interest does not accrue while a student is enrolled. Repayment begins 9 months after the student graduates, withdraws or drop below half time status (6 credits). Full details are provided on the promissory note. Students must have a completed Free Application for Federal Student Aid (FAFSA) on file at UMM to be eligible.

The loan is made with federal government funds, but the University is the lender. Be aware that funds are limited. If a student has not been awarded a Perkins loan, they must schedule an appointment with a Financial Aid Officer to apply . Students at UMM must have a cumulative grade point average (GPA) of 2.0 to be eligible.

Perkins Loan Limits
Students who are full time undergraduates and have not yet completed a degree program may apply for a Perkins loan.