The Federal Perkins Loan is awarded through filing of the FAFSA, and there is no application required. Eligibility for the loan is determined by the Financial Aid Office. There is no origination fee on a Perkins Loan.
First Perkins Loan at UMBC
- The student will be notified by Financial Aid that they are eligible for a Perkins Loan.
- The student must log into myUMBC and read all ALERTS and complete all “To Do’s”.
- Completion of an on-line Perkins Entrance Counseling Session and signature of a Master Promissory Note (MPN) in person at Student Business Services are required. Both obligations must be met by specified deadline to have the loan disbursed. An MPN should be reviewed prior to signing at Student Business Services.
- Contact the Financial Aid Office if you DO NOT want the loan.
- All borrowers of a Federal Perkins Loan must complete an on-line Exit Counseling Session and return a signed Disclosure Statement to Student Business Services prior to leaving UMBC. Transcripts and registration holds will be placed on accounts if exit requirements are not met.
- Repayment of the Federal Perkins Loan begins at the end of a 9-month grace period beginning once the student leaves the University (graduates, withdraws, or drops below six credits).
- Payments are based on the total amount borrowed, but may not be less than $40 per month. Pre-payment of a Perkins Loan can be made at any time without penalty.
- Under certain circumstances, such as economic hardship, unemployment, or returning to school, a borrower may be entitled to have the repayment of a Federal Perkins Loan deferred. During deferment, payment on the loan principal is not required and interest does not accrue.
- A grace period of six to nine months following the end of deferment will be given before going back into repayment. The length of the grace period is dependent on the type of deferment.
- A borrower may have all or a portion of their Federal Perkins Loan cancelled for engaging in one of the following:
- Teaching, Service in an Early Childhood Education Program, or Librarian
- Early Intervention Services
- Law Enforcement, Firefighter, or Corrections Officer
- Nurse or Medical Technician
- Child or Family Service Agency
- Attorneys Employed in a Defender Organization
- Tribal College or University Faculty
- Service in the Peace Corps
- Speech-Language Pathologist
- Service in the Military in an Area of Hostilities
If a borrower is having difficulty making payments, but does not qualify for a deferment, an application for Forbearance may be submitted. Forbearance is a temporary postponement of payments in which interest will continue to accrue, and no grace period is given prior to going back into repayment.
Your Account Online
- Heartland ECSI is the servicing company for all UMBC Perkins Loans.
- Once a Perkins Loan has been disbursed, it can be viewed on-line by logging on to www.heartlandecsi.com/. This site allows on-line payments, personal information updates, and Perkins forms downloads.