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Perkins – Student Loans

  • As of September 30, 2017, no additional loans will be available under the Federal Perkins Loan Program
  • Federal need-based program
  • Fixed 5% interest rate
  • UConn is the lender
  • Awarded to students with exceptional financial need
  • Repayment begins nine months after a student’s enrollment drops below half-time status or the student graduates
  • FAFSA is required
  • Borrowers use ECSI to complete the Exit Counseling requirement

Perkins Loan FAQs:

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What is a Federal Perkins Loan?

A Federal Perkins Loan is a low-interest loan (fixed at 5%) for students at the University of Connecticut with exceptional financial need. These funds must be repaid.

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How do I Apply for a Federal Perkins Loan?

Federal Perkins Loans are awarded as part of the financial aid package you are awarded after you complete the FAFSA. Awards are based on your financial need and the availability of loan funds. You cannot apply specifically for a Perkins Loan.

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Am I eligible for a Federal Perkins Loan?

Due to limited funding levels, the University offers the Federal Perkins Loan on a priority basis to eligible students with exceptional financial need whose FAFSA has been received by the federal processor on or before the on time deadline (March 1st).

 

Effective December 18, 2015 undergraduate students may only be considered for the Federal Perkins Loan program until September 30, 2017 when the program is set to expire. Effective December 18, 2015 graduate students may only be considered for the Federal Perkins Loan program if you have previously borrowed a Perkins Loan at UConn and did not change your major, until September 30, 2016 when the program is set to expire.

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As a first-time borrower at UConn, how do I obtain a Federal Perkins Loan?

If you were awarded and accepted a Federal Perkins loan, you will receive an email in late May with instructions on completing a Master Promissory Note (MPN). You will complete this electronically through UConn’s Perkins Loan servicer: ECSI.

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Are there any fees?

No. Origination or guarantee fees are not charged.

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What happens to the interest on my Federal Perkins Loan while I am in school?

Your interest on a Federal Perkins Loan is subsidized by the federal government during the time you are in school and a nine-month grace period after you graduate or are no longer enrolled at least half time.

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When will I receive my Federal Perkins Loan funds?

Federal Perkins Loans are disbursed to the University in two payments, one for the fall semester and one for the spring semester. To expedite the disbursement of your loan funds, you should complete your semester registration as early as possible and be sure that you have submitted all required paperwork and completed all requirements.

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What is required when I leave UConn?

Each Federal Perkins Loan borrower at the University of Connecticut is required to complete Student Loan Exit Counseling shortly before completing a degree, or leaving the University (i.e., withdrawing).

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Who is my lender?

Federal Perkins Loans are borrowed from and repaid to the University of Connecticut. If you should have any questions or problems, you may contact UConn’s Federal Perkins Loans Office by e-mail or phone (860) 486-4835.

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When do I start making payments?

After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” is nine months for Federal Perkins Loans.

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Where can I find information about repayment, deferment, or cancellation?

Additional information on repayment, as well as deferment and cancellation options, is available from the Federal Student Aid Information Center.