Perkins Loan FAQs
HOW MUCH CAN I BORROW?
- The amount that is available for a student to borrow is listed on the student's award letter each year. This amount may be less than the annual maximums of $5,500 for undergraduates and $8,000 for graduates.
For any questions regarding the Perkins Loan, please contact the Accounts and Loans office at 951-785-2247.
HOW DO I RECEIVE MY PERKINS LOAN?
- Once you accept this award and return the award statement to the Office of Student Financial Services Office, you must go to the Accounts and Loans Office to complete an entrance interview and sign the Master Promissory Note for the Perkins Loan. Your loan proceeds are then directly applied to your student account.
WHEN DO I PAY BACK MY PERKINS LOAN?
- If you have an outstanding principal or interest owing on any direct loan (Perkins/NDSL) prior to July 1, 1987, you begin paying six months after you graduate, leave school, or drop below half-time status. If you are a new borrower who has no previous outstanding principal or interest owing on any loan as of July 1, 1987, you begin repayment nine months after you graduate, leave school or drop below half time status. You may be allowed up to 10 years to repay your loan. The amount of your payment depends on the size of your debt, but usually you must pay at least $40 per month.
WHAT HAPPENS IF I DON'T PAY BACK MY LOAN?
- If you default on a Perkins Loan and the school is unable to collect, it will harm your credit rating and the federal government may take action to recover the loan. You cannot receive further financial aid if you are in default status. See this document: Defaulting
CAN I DEFER (POSTPONE) REPAYMENT OF MY PERKINS LOAN AFTER I LEAVE SCHOOL?
- Certain conditions may allow you to defer your Perkins Loan payments. Contact the Office of Accounts and Loans to find out your eligibility status (951-785-2247). *
These conditions may include:
- Enrolled and attending as a regular student in at least a half-time course of study at an eligible school
- Volunteer work in Peace Corps or ACTION Programs
- Full-Time officer/member of U.S. armed forces, Commissioned Corps, US Public Health Service or National Oceanic and Atmospheric Administration Corps
- Temporarily totally disabled or you cannot work because you are caring for a temporarily totally disabled spouse or other dependent
- Working at an eligible internship or residency (Perkins prior to 7/1/93)
- Currently unemployed
- Mother of preschool-age children who entered/reentered the work force, and is making $1.00 or less above minimum wage
- If you are pregnant, caring for your newborn, or caring for child immediately after adoption
- Enrolled and attending as a regular student in a Graduate/ Fellowship program approved by the Department
- If you are receiving payment under Federal or State Public Assistance (including AFDC, Supplemental Security income, or Food Stamps)
ARE THERE CONDITIONS WHERE REPAYMENT OF MY PERKINS LOAN MAY BE CANCELED?
- Yes. For example, your loan will be canceled if you die or become totally and permanently disabled. Contact the Office of Accounts and Loans to find out your eligibility status (951-785-2247).
* Other conditions are listed below:Cancellation CriteriaPart of your loan will be canceled for each complete academic year you are a full-time teacher of disabled children, or for each complete academic year you teach full-time in a designated elementary or secondary school that serves low-income students. In both of these cases, your entire loan will have been canceled after the fifth consecutive year of teaching. To find out whether the school you are teaching in is a designated school, go to this website: https://www.tcli.ed.gov/CBSWebApp/tcli/TCLIPubSchoolSearch.jspPart of your loan will be canceled for each year of full-time work in specified Head Start programs. After the fifth year, your entire loan will have been canceled.
Up to 70 percent of your loan can be canceled for service as a Peace Corps or VISTA volunteer--30 percent during the first two years, 40 percent during the next two years. (This deferment applies only to Perkins Loan borrowers, not to National Direct Student Loan [NDSL] borrowers).
If you serve as an enlisted person in certain selected specialties of the US Army, the Army Reserves, the Army National Guard, the Department of Defense will, as an enlistment incentive, repay a portion of your loan. If you think you may qualify, contact your recruiting officer.