A Federal Perkins Loan is a low-interest loan (fixed rate at 5%) for both undergraduate and graduate students with exceptional financial need. Perkins Loans are borrowed from and repaid to Utah Valley University. When you are awarded this loan you must sign a promissory note agreeing to make repayment according to the terms of the note. Interest does not accrue unitl nine months (grace period) after the borrower drops below half-time status or graduates.
You cannot apply specifically for the Perkins Loan. Students must file a Free Application for Federal Student Aid (FAFSA) a part of the application process for a Perkins Loan. The Financial Aid Office will determine your eligibility depending on when your FAFSA was submitted, your level of financial need, and funds available at UVU. Please contact the Financial Aid Office regarding your specific eligibility.
If awarded, you can borrow $3000 each year of undergraduate study and $6000 each year of graduate study (for more information on your specific award amounts please contact the Financial Aid Office).
Congratulations! Now you must sign all the Perkins Loan documents in order for the loan money to be disbursed to your student account. Here are your next steps:
After you have signed your Perkins Loan documents the Financial Aid Office applies your funds to your school account to pay for tuition, fees, and other school charges. If any loan funds remain, you will be issued a refund from the Cashier Office to help pay for other educational expenses.
It is a Federal requirement that anyone who has received a Perkins Loan and is about to leave UVU or drop below half-time status must complete an Exit Interview. The purpose of this counseling is to provide you, the borrower, with a better understanding of the student loan that you have received to fund your education and your rights and responsibilities as the borrower.
If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.
Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily postpone your payment. This will help you avoid default. Call the Collections Office at 801.863.8611 to discuss your options.
In order to qualify for Perkins Loan cancellation (or forgiveness) you must perform a qualifying service in a cancellation area. To see if you qualify please see the full description on the Cancellation Form. In order to request a cancellation you must submit the Cancellation Form and all supporting documents to the Collections Office in a timely manner. If you have any questions regarding your qualification please contact the Collections Office at 801.863.8611.