University of California, Irvine

Office of Financial Aid and Scholarships

Federal School Code 001314

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Federal Perkins

WHO MAY APPLY

  • All full- and half-time undergraduate students in a degree program
  • U.S. citizens or eligible non-citizens

HOW TO APPLY

  • WebFile the Free Application for Federal Student Aid (FAFSA) by the March 2 deadline
  • You must file the FAFSA by the March 2 deadline each year to continue to be considered for the loan

HOW AWARDS ARE DETERMINED

  • Based on financial eligibility
  • Due to limited funding, these loans are generally made to undergraduate students with the lowest Expected Family Contributions (EFCs).

AWARD AMOUNTS

  • Annual amounts depend on financial need, other aid received and available funding
  • Maximum award is $3,000
  • 5% interest, repayment begins nine (9) months after graduation

PRIORITY FILING DEADLINE

  • You must file your FAFSA by the March 2nd deadline and submit all requested documents by the deadlines specified

Details about the Federal Perkins Loan

The Federal Perkins Loan is a long-term federal loan for students who demonstrate financial aid eligibility. The funds are borrowed from the University and repayment is to the University or its Loan Servicer. Cumulative totals for the full term of college attendance may not exceed $20,000 for undergraduates and $40,000 for graduate students.

Interest rate - 5% per year during repayment

Grace Period - Nine months after you graduate, leave school or drop below half-time enrollment. Refer to your promissory note for specific information.

Deferment - Information regarding deferments will be provided at your exit interview. Also, you may refer to your promissory note for the information.

Full repayment - up to 10 years

Minimum repayment - $120 per quarter (three month period)

Sample Repayments for Perkins Loans at 5.0% interest:

Total Loan
Amount
Number
of
Payments
Monthly
Payment
Total
Interest
Charges
Total
Repaid
$3,00090*$40.00$604.55$3,604.55
 1$4.55  
$5,000119$53.03$1,364.03$6,364.03
 1$53.46  
$15,000119$159.10$4,091.73$19,091.73
 1$158.83  

*The $120 per quarter ($40 per month) minimum payment required for this loans results in the loan being paid in full in 91 payments (7 years and 6 months) - 90 payments of $40 plus a final payment of $4.55

View customized loan repayments using this calculator

To obtain a Perkins Loan you must complete the:

  • Master Promissory Note (If you are a first time borrower)
  • UCI Loan Information Sheet Statement of Understanding (If you are a first time borrower)

If you are awarded a Federal Perkins Loan, complete instructions will be given to you from the "My To Do List" section of "My Aid" and forms will be available for you to print from the "Print My Forms" section.

It is your responsibility to read the forms completely before signing.

Once you complete the documents, return them to the Financial Services office, 101 Aldrich Hall, Irvine CA 92697-3010 in order to continue processing the loan.

Note: Failure to return the completed forms will delay the disbursement of your loans.

Prior to leaving school or dropping below half-time Perkins Loan borrowers must complete exit counseling.

For questions regarding your Perkins Loan you should contact Financial Services at (949) 824-7310 or 101 Aldrich Hall, Irvine, CA 92697-3010.

(Reviewed 4/06/2016 - BS)

 

Hours: 10am-5pm Monday to Friday
102 Aldrich Hall, Irvine, CA 92697-2825
Tel: (949) 824-8262
Fax: (949) 824-4876 (fax)
Email: finaid@uci.edu

© 2017 The Regents of the University of California

About UCI
 
The State of California requires that you be told the following:
Federal student loans are available to most students regardless of income and provide a range of repayment options including income-based repayment plans and loan forgiveness benefits, which other education loans are not required to provide.