STUDENT FINANCIAL AID

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1700 University Blvd., Lister Hill Library, G20

(205) 934-8223

UNDERGRADUATE SCHOLARSHIPS

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936 19th Street South

(205) 934-8134

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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