The Federal Perkins Student Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need.
To apply for the Federal Perkins loan, you must submit the Free Application for Federal Student Aid (FAFSA). The Financial Aid Office will determine your eligibility depending on when your FAFSA was submitted, your level of financial need, and funds available at Utah Valley University. You cannot apply specifically for the Perkins loan. If awarded you can borrow up to $3,000 each year of undergraduate study and $6,000 each year of graduate study.
Perkins loans are borrowed from and repaid to Utah Valley University. When you receive this loan you must sign a promissory note agreeing to make repayment according to the terms of the note. Please call 801.863.8611 to make an appointment to sign the promissory note and bring a completed Questionnaire with you. Perkins loans have a fixed rate of 5%. Interest does not accrue until nine months (grace period) after the borrower drops below half time status.
When you leave Utah Valley University, or drop below half time status, the loan funds that you have borrowed until that time are placed into repayment status and will have nine months (your initial grace period) before repayment begins. At the end of the grace period you must begin repaying your loan.
When repayment on your loan begins and if you fail to make a payment on time, you are considered delinquent and late fees and collections cost will be charged.
You may be eligible to suspend your payments by qualifying for a deferment. To receive any deferment benefit, the borrower must make a written request to the Utah Valley University Collections Office and provide the documentation required to prove eligibility. It is important to contact the Collections Office to determine and obtain the appropriate form for your circumstances and complete. The borrower is responsible for submitting the appropriate request and supporting documentation timely, or the request may be denied.
To receive any cancellation benefit, the borrower must make a written request to the Utah Valley University Collections Office and provide the documentation required to prove eligibility. It is important to contact the Collections Office to determine and obtain the appropriate form to complete for your circumstances.
Upon making a properly documented written request to the Utah Valley University, the borrower is entitled to have up to 100% of the original principal amount of this loan canceled if they perform qualifying services in the specific areas. Please refer to the Cancellation Qualifications to see if you may be eligible.
It is a federal requirement that anyone who has received a Perkins loan and is about to leave Utah Valley University or drop below 6 credit hours must complete an Exit Interview. The purpose of this counseling is to provide you, the borrower, with a better understanding of the student loans that you have received to fund your education and your rights and responsibilities as the borrower.
To change your contact information for your Perkins loan, please submit the following information to the Collections Office by mail, email, phone, fax, or in person. Please note, changing your address through the Collections Office will update your Perkins loan record only.
|Utah Valley University
Collections - 109
800 W. University Pkwy
Orem, UT 84058-5999
If you have any questions regarding your Perkins loan, please feel free to contact the Collections Office at 801.863.8611.