The Federal Perkins Loan Program will expire on September 30, 2017. Under current federal regulation, institutions may not make Perkins loans to any student on or after October 1, 2017.

  • Loans are available for undergraduate and graduate students.
  • Eligibility is determined by the Financial Aid Office, based on information provided on the FAFSA. Priority is given to students with exceptional financial need.
  • Eligibility for graduate/professional students is limited to borrowers who previously received a Perkins loan at UAB, who have not changed their program of study.
  • Maximum annual awards for undergraduate students may not exceed $5,500. Maximum annual awards for graduate students who previously received Perkins loans may not exceed $8,000. Award offers may be less than the maximum annual amount due to availability of funding, or the student’s eligibility may be affected by other aid the student is receiving.
  • The interest rate is fixed at 5% interest. No interest accrues while the student is enrolled at least half time (6 semester hours for undergraduate students, 5 semester hours for graduate/professional students), during the grace period or periods of deferment. Interest begins to accrue when the student’s grace period has expired.
  • The grace period for a Perkins loan is 9 months. Repayment begins 9 months after a borrower graduates or falls below half-time status. 
  • Apply by completing the FAFSA.

Typical Estimated Payments

Loan amount $3,000 $5,000 $10,000
Years in repayment 7.6 10 10
Monthly payment $40 $53 $106
Total interest charges $604 $1,364 $2,727
Total amount paid $3,604 $6,364 $12,727
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