The Federal Perkins Loan is a need-based loan awarded to students with the greatest financial need. Awards range from $100 to $5,500. The interest rate is fixed at 5% and interest does not accumulate while the student is enrolled at least half-time. Eligibility is determined through the FAFSA application and selected students are notified of the amount they are eligible to borrow in their financial aid award letter. Repayment begins nine months after the student graduates or drops below half-time enrollment. Repayment can be deferred for graduate study.
If you were awarded a Perkins Loan as part of your aid award, please follow the instructions below.
First-time Perkins Loan borrowers are required to complete the following:
- Perkins Loan Entrance Interview to be completed online at "Mapping Your Future." The "Entrance Interview" informs the borrower of their rights and responsibilities as a borrower. Union's Financial Aid Office receives electronic confirmation once the borrower has completed the requirement.
- Mail a signed copy of the Perkins Master Promissory Note (MPN) to the Financial Aid office.
Previous Perkins Loan Borrowers
Complete the Financial Aid Reply Form mailed to you with your financial aid award letter and return it to the Financial Aid Office. If you no longer have the reply form, send and email to firstname.lastname@example.org stating that you wish to borrow the Perkins Loan offered as part of your aid award. Please make sure to include your full name and ID number in the email.