This is up to you. We recommend only borrowing what you need to attend school; however, this will mean different things to different people. One way to look at this would be to subtract what your grants and/or scholarships from what you owe.
Perkins loans are made to students through funds administered by the university. Students can receive up to $4,000 a year. The interest rate is fixed for the life of the loan at 5% and begins to accrue after a 9-month grace period. A borrower who has been attending at least half-time is entitled to an initial grace period of nine consecutive months after dropping below half-time enrollment. A borrower must repay his or her loan, plus interest, within 10 years.
The amount of Perkins Loan awarded to a student will usually decrease in future years as his or her eligibility for the Federal Direct Stafford Loan increases.
Maximum Annual Loan Amount
|Interest Charged While Enrolled||Repayment|
|5%||$4,000||None||9 months after no longer being enrolled at least half-time or graduation|
A completed promissory note must be submitted each year you receive a Perkins Loan before a it can be credited to a student’s account. The promissory note is completed online through your MyUB Portal by clicking on "My Student Center" and then "Accept/Decline Awards."
There is a fixed, 5% interest rate for the Perkins Loan.
No. There are not any origination fees for the Perkins Loan.
After you graduate, leave school, or drop below half-time enrollment, you will have a nine-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from UB, and you'll be notified of your first payment due date. The standard repayment plan for the Perkins Loan is 10 years with a minimum payment of $40 being required.
If you are in repayment of a Perkins Loan with UB, contact the Office of the Bursar at 410.837.4848.