Perkins loans are low-interest loans funded by the federal government and administered by the University of Denver. Your eligibility is determined using your financial aid application.
You must have submitted the FAFSA by the priority application deadline and have demonstrated financial need to be offered this loan. Because funding is limited, not all students who would otherwise be eligible will be offered a Perkins loan as a part of their financial aid package.
Maximum Loan Amount:
$4,000 per academic year. The amount offered to you will depend on your financial need and the availability of funds.
5% fixed during repayment. No interest is charged while you are enrolled at least half time (6 credits or more) or during the nine-month grace period after you leave school. There are no other fees associated with this loan.
Requirements to Receive Loan:
You must complete and submit a Master Promissory Note to the Bursar's Office, complete entrance counseling through MappingYourFuture.org , and remain enrolled at least half-time (6 credits or more) to receive funds.
No payments required while in school. Repayment begins nine months after you graduate or drop below half-time enrollment. Payments are made to the DU Bursar's Office monthly. The minimum payment is $40, but that amount may be higher depending on the total amount borrowed.
The Perkins loan can be consolidated with other federal loans.
The End of the Perkins Loan Program:
The U.S. Congress is ending the Federal Perkins Loan Program.
The Federal Perkins Loan Program Extension Act of 2015 prohibits any new Perkins loans after September 30, 2017 and any future appropriations to the Perkins Loan Program.
So what does that mean?
- We can offer the Federal Perkins loan to eligible students for the 2016-2017 academic year as funding permits.
- We can offer the Federal Perkins loan to eligible students for the 2017-2018 academic year as funding permits, as long as the loan disburses before October 1, 2017.
- The Perkins loan will no longer be available after the 2017-2018 academic year.
Learn more about the terms of the Federal Perkins loan through the Bursar's Office.