Money Sign IconFederal PERKINS LOAN

 

DEFINITION

Perkins Loans are available to undergraduate and graduate students who have a demonstrated financial need. Perkins Loans provide low interest loans to help students finance the costs of their education and is need-based. 

How to APPLY

  • To receive a Federal Perkins Loan, you must first complete the FAFSA. For information about how to complete a FAFSA, view the Need to Complete your FAFSA? webpage.
  • Additionally, you must complete any other required items, which could include verification. These required items can be viewed in your myUVU student account. Log in to myUVU, go to Students, Paying For My Education, My Financial Aid Requirements, select the appropriate Aid Year.

Basic ELIGIBILITY

  • Perkins Loans are awarded to undergraduate and graduate students with exceptional financial need, which is based on the Expected Family Contribution and Cost of Attendance.
  • Your Expected Family Contribution must be 10,000 or less.
  • Perkins funds are limited.

AWARDING

If eligible, undergraduate students will be awarded a Federal Perkins Loan of $3,000 for the aid year to be split in two equal amounts between Fall and Spring semesters. If eligible, graduate students will be awarded $6,000 a Federal Perkins Loan of $6,000 for the aid year to be split in two equal amounts between Fall and Spring semesters.

ONCE AWARDED, YOU MUST MEET OR COMPLETE THE FOLLOWING BEFORE YOUR LOAN CAN DISBURSE:

  • Accept your loans in your myUVU student account confirming that you want the loan. To view and accept your award, log in to myUVU, click on Students, Paying For My Education, My Financial Aid Awards, Select the appropriate Aid Year, Terms and Conditions, Accept Award Offer.
  • Complete Perkins Loan Counseling: After you have accepted your Perkins Loan, you must complete in-person Perkins Loan Counseling by scheduling an appointment with the Utah Valley University Collections Office at (801) 863-8611. For information about your Perkins Loan Counseling, view the Federal Perkins Loan, or the Federal Perkins Loan Entrance and Exit Loan Counseling website.
  • Sign Disclosures and Promissory Note: At your Perkins Loan Counseling, you will sign disclosure documents and a promissory note. These items must be complete prior to your loan disbursing onto your student account.
  • You must be enrolled in at least 6 credit hours if an undergraduate, 4.5 hours if a graduate (waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours).
  • You must complete all Financial Aid Requirements listed in your myUVU student account.Log in to myUVU, go to Students, Paying For My Education, My Financial Aid Requirements, select the appropriate Aid Year.

DISBURSEMENT

After you are awarded, and if you have met and completed all eligibility requirements, and have completed Perkins Loan Counseling, and signed the required disclosures and promissory note, your Perkins Loan will be sent electronically to the Bursar's Office no sooner than ten days prior to the first day of your enrolled classes.

Your Perkins Loan will first pay your outstanding tuition and fees and, if authorized by you, any other institutional charges. After this balance is paid, and if there is any excess federal student aid, the Utah Valley University Bursar's Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in your myUVU student account (this is the default method), or through direct deposit (which you may set up in your myUVU student account). If mailed, please allow 3-5 business days for the refund to be processed.

The Utah Valley University Financial Aid and Scholarships Office and Bursar's Office process federal student aid disbursements and refunds every business day. This refund money may be used for educational purposes and to pay the cost of attending Utah Valley University.

Continued ELIGIBILITY

  • You must complete a new FAFSA and other application requirements each award year. For more information on the application process, visit our Need to Complete your FAFSA? webpage.

How to CANCEL or DECREASE the Amount of a Federal Perkins Loan

If you accept a loan, but subsequently would like to cancel the loan or decrease the amount, you will need to complete the Loan Cancellation Request Form and upload it to the Financial Aid and Scholarships Office.

If the loan has already paid onto your student account, you must repay to the Utah Valley University Cashiers Office the loan amount you are requesting to be cancelled.

Perkins Exit Loan COUNSELING

If you leave school (graduate or withdraw), drop below half-time enrollment (6 credit hours for undergraduate and 4.5 credits for graduate - waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours), you must complete Perkins Loan Exit Loan Counseling. This is done in person with the Utah Valley University Collections Office. You may schedule an appointment with them at (801) 863-8611 to complete this Exit Loan Counseling.

Perkins REPAYMENT

Payments do not start and no interest is charged until nine months after the borrower ceases to be enrolled at least half time. When interest begins to accrue, it is at the rate of 5% per year (subject to change). You must complete Perkins exit counseling with the Collections Office when you cease to be enrolled at least half time.

Once repayment on your Perkins Loan has begun, payments are made to the Utah Valley University Cashiers Office.

For repayment questions or information, please contact the Utah Valley University Collections Office at (801) 863-8611, email collect@uvu.edu, or visit http://www.uvu.edu/collections/federalperkinsloans/index.html.

Future Perkins Loan AWARDING

The U.S. Department of Education will give further guidance about the future awarding of Federal Perkins Loans.

 

APPLY for Federal Student Aid at fafsa.ed.govLine of Arrows