Federal Perkins Loans

Important Notice: The Federal Perkins Loan is set to expire on September 30, 2015! See Additional Eligibility Criteria for 2015-16 Award Year below for more information.

The Federal Perkins Loan program is a Federal Campus-Based program and as such has limited funding. This loan program is administered at the University level and funds borrowed under this program are repaid to the UGA Student Accounts office.

Student eligibility for the Federal Perkins Loan is based on Estimated Financial Need as determined by the Financial Aid Application Process.  Otherwise eligible students cannot have an adverse credit/payment history with the University.

Federal Perkins Loans are awarded subject to the Priority Consideration Dates for Need Based Limited Funds.

Federal Perkins Loan repayment begins nine months following graduation, or enrollment on less than a half-time basis or after leaving school. There is no interest charged until the student enters repayment, then interest accrues at 5% per annum during repayment.

Students who have been awarded and accepted a Federal Perkins Loan in Athena must complete and sign a Federal Perkins Loan Promissory Note and/or Disclosures which they can do on-line. Students will be sent an e-mail to their UGA E-mail account from Educational Computer Systems, Inc. (ECSI) on behalf of the UGA Bursar's Office instructing them how to complete the on-line process. Perkins Loan funds cannot be disbursed until all the requested electronic documents are accurately completed.

Undergraduate students are limited by federal regulations to a cumulative $11,000 in Federal Perkins Loans until 60 semester hours have been earned and then are limited to a $27,500 cumulative loan limit. Graduate students are limited to $60,000 in cumulative Perkins Loans as an undergraduate/graduate.

Additional Eligibility Criteria for the 2015-16 Award Year

First-time Perkins Loan Recipients

Any otherwise eligible 2015-16 Award Year students who have not received a Perkins Loan prior to the 2015-16 Award Year (1) must be awarded, (2) have accepted the loan, and (3) the fall Perkins funds must be disbursed to the student's account prior to September 30, 2015, in order for the students to remain eligible for their spring 2016 and/or summer 2016 Perkins disbursements. These students will be eligible for the Perkins Loan only for the 2015-16 Award Year!

Previous Perkins Loan Recipients

A "grandfathering" provision has been established by the U.S. Department of Education for otherwise eligible students who received a Federal Perkins Loan prior to the 2015-16 Award Year. These students (1) must have been enrolled at UGA at the time they received the previous Perkins Loan, (2) must still be in the same program of study they were when they received their previous Perkins Loan, and (3) the amount of Federal Direct Subsidized Loan for which they are eligible must be calculated prior to determining their 2015-16 Perkins Loan eligibility.

The subsidized loan determination is required even for those students who decline or otherwise do not wish to receive the subsidized loan and only wish to receive the Perkins Loan. Example: a 4th year undergraduate is eligible for a $5,500 Federal Direct Subsidized Loan. The inclusion of the subsidized loan on his or her Award results in the student having only $1,000 in remaining need, so the student can only be awarded a $1,000 Federal Perkins Loan. The student declines the subsidized loan and only wishes to receive the Perkins Loan. The Perkins Loan cannot be increased even though the student does not wish to receive the subsidized loan.

Otherwise eligible "grandfathered" undergraduate students will be awarded a Perkins Loan Award Year amount not to exceed either their remaining need or $5,500, whichever is less.

Otherwise eligible "grandfathered" graduate or professional students will be awarded a Perkins Loan Award Year amount not to exceed either their remaining need or $8,000, whichever is less.