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Promissory Note

  • » a Perkins Promissory Note is required for Perkins Loans.
  • » a Master Promissory Note is required for other Federal Loans.

Entrance Counseling

Entrance Counseling is required for the following Federal loan types:

  • » Perkins
  • » Direct Subsidized
  • » Direct Unsubsidized

2016-2017
Interest Rates

Federal Loans

Federal Perkins Loan

Eligibility Requirements:

Please note that Perkins Loan funds are limited. To be considered for Perkins Loan funding you must

If you are awarded a Perkins Loan, it will be listed on your Award Notification.

Enrollment Requirements:

To receive the full award for a semester, you must enroll for at least 9 credits during that semester. If you enroll for 6 to 8 credits during a semester, you will receive 50% of your original semester award.

Processing Fees:

Perkins Loans do not have any processing fees.

Interest Rate:

Perkins Loans are interest free while you are enrolled in school at least half-time in a degree granting program (undergraduate or graduate). The interest rate during repayment is fixed at 5%.

Repayment Terms:

Perkins loan repayment begins 9 months after you cease to be enrolled at least half-time. The maximum repayment period is 10 years.

Borrowing Limits:

If you are offered a Perkins Loan, the amount borrowed cannot exceed the amount listed on your Award Notification.

Accepting:
  • If you accept a Perkins Loan Award, you will need to complete the Perkins Loan Promissory Note located under the "My Documents" tab on your financial aid awards page. You must complete these forms and return them to the Bursar's Office.
Exit Interview:

Students who are graduating that have a Perkins loan, can do their exit counseling with the loan servicer, Heartland ECSI at www.heartland.ecsi.net or contact 1-800-437-6931. If there are any additional questions regarding repayment of your Perkins loan, please contact the Office of the Bursar at billtalk@umd.edu or 301-405-9031.