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
|Years in repayment||7.6||10||10|
|Total interest charges||$604||$1,364||$2,727|
|Total amount paid||$3,604||$6,364||$12,727|