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Federal Perkins Loans
Need based loans for first and second year undergraduate students who are US citizens or permanent residents. These loans are interest free while the student is enrolled at least half-time. Repayment begins 9 months after the student is not enrolled or is enrolled less than half-time.
Interest Rate - 5% per year during repayment
Borrower Requirements
A Federal Perkins Loan Master Promissory Note (MPN) must be completed each year loan funds are accepted. The MPN defines the conditions under which you are borrowing and the terms under which you agree to pay back the loan. There is a link to the promissory note from the financial aid Award Summary page in MyUCSC. If you accept a Perkins Loan, you should see a link called “Sign Promissory Note” under the loan details for the Perkins Loan.
Perkins Loan Entrance Counseling must be completed before loan funds are paid. You will be able to access counseling at this link within a few days of accepting a Perkins Loan. The purpose of the counseling is to ensure you fully understand your rights and obligations as a borrower. In addition, exit counseling is required when you graduate, withdraw or enroll in less than 6 units.