Federal Perkins Loans
Federal Perkins Loan Promissory Note
This program lets students borrow money at a low rate of interest through their institution from the federal government. Federal Perkins Loans are awarded directly by UMC. All applicants are automatically considered for Perkins Loan funds. You must have been admitted to, and enrolled at least one-half time, in a degree program to be eligible for a Perkins Loan.
Undergraduate students may be offered up to $3,000 for each year of undergraduate study per federal guidelines.
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Current interest rate is 5 percent.
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Repayment of your current loan amount and interest begins nine months after you graduate, terminate enrollment or cease to be enrolled at least half-time. If your total Federal Perkins/NDSL amount is greater than $2,800, you can spread repayment of principal and interest over 10 years. Your monthly payments will be prorated.
The Perkins Repayment Chart (shows typical monthly payments and total interest charges for three different 5 percent loans over a 10-year period.
| TYPICAL PERKINS LOAN REPAYMENT PLANS |
| Total Loan Amount |
Number of Payments |
Monthly Payment |
Total Interest Charges |
Total Repaid |
| $ 4,500 |
120 |
$ 47.73 |
$1,227.60 |
$ 5,727.60 |
| $ 9,000 |
120 |
$ 95.46 |
$2,455.20 |
$11,910.40 |
| $ 18,000 |
120 |
$ 190.92 |
$4,910.40 |
$22,910.40 |
|
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