Federal Perkins Loans

Federal Perkins Loans are low-interest (5%) loans for students with exceptional financial need.  To be considered for a Perkins Loan, the student must be an on-time applicant, meaning that their FAFSA was received at the Federal Processor by March 1.  A separate application is not needed as Perkins Loan eligibility is determined using information on the FAFSA at the same time eligibility for other aid is determined.  All Perkins Loan recipients must sign and return a promissory note before their loan can be finalized.

Perkins Loan maximum amounts for full-time students at UMF:

Repayment of Perkins Loans begins nine months after the student graduates or drops below half-time status (fewer than six credits in a semester). Repayment can be deferred or canceled if the student meets certain conditions.  Contact the Perkins Loan Office at Orono about repayment by calling (207) 581-1532 or 1-800-308-6148.

For more information about this program, consult the Student Guide published yearly by the U.S. Department of Education.