How much should I borrow?
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.
Perkins Loan information at a glance:
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|
*Perkins Loans are serviced by our 3rd party servicer Heartland ECSI.
Frequently Asked Questions
Are there additional steps I need to do to receive my loan?
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."
Do I have to borrow the full amount that was offered to me?No. In fact, we recommend only borrowing the amount you need. After you click the "Accept" button when accepting your financial aid, you are able to change the amount to what you would like to borrow. Please keep in mind the amount you borrow will be split equally in half between fall and spring semesters.
What are the current interest rates on Direct Loans?
There is a fixed, 5% interest rate for the Perkins Loan.
Are there fees for these loans?
No. There are not any origination fees for the Perkins Loan.
When do I begin repayment on my loan(s)?
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.
Does the Perkins require a Master Promissory Note (MPN)?
Yes, the Perkins requires a separate MPN that can be completed on MyUB.