Federal Perkins Loan Program

The Perkins loan is a low-interest loan available to both graduate and undergraduate students with great financial need. The University of Colorado at Colorado Springs also tries to meet child care expenses with Federal Perkins loans, as funds are available. UCCS acts as the lender using a limited pool of funds provided by the federal government. Like any other student loan, you must pay back a Perkins Loan. Loan goes into repayment nine months after the student graduates or ceases half time enrollment.

Perkins Interest Rate

The Perkins loan is at a fixed 5% interest rate.

Perkins Loan Fees

Perkins loans are not subject to any loan fees.

Perkins Loan Borrower Annual and Aggregate Loan Limits

• $5,500 for each year of undergraduate study up to $27,500.
• $8,000 for each year of graduate or professional study up to $60,000 (including any Perkins loans borrowed as an undergraduate).

Note: It is at the discretion of the Institution to award less than the annual limits.

In order to apply for a Perkins Loan at UCCS

• Complete the Free Application for Federal Student Aid (FAFSA).
• Enroll in at least 6 credit hours for undergraduate students or 3 credit hours for graduate students.
• Complete your financial aid file.
• Maintain satisfactory academic progress.
• Complete a childcare expense verification form or a Request For Change in Financial Aid form.
• Complete a Master Promissory Note at the Student Financial Services Cashier window on the second floor of Main Hall. You will be notified by email when your MPN is ready to be signed.

Note: You will be required to provide three references for your Perkins Master Promissory Note.

Perkins Exit Counseling

All Perkins borrowers are required to complete Perkins exit counseling once they have graduated or ceased half-time enrollment. You will receive a letter from Campus Partners, a third-party servicer for the university, when your exit counseling becomes available to complete.

UCCS will not release transcripts to Perkins Borrowers who do not complete their exit counseling.

Paying Back Your Loan

• Payments on your Perkins Loan begin nine months after you graduate or cease half-time enrollment.
• During your nine-month grace period, you will receive correspondence from Campus Partners, a third-party servicer for the university, regarding repayment of your Perkins Loan.
• Your Perkins Loan will be serviced by, and all payments will be made to, Campus Partners.
• You may be allowed to take up to 10 years to pay back your Perkins Loan.

Deferring or Canceling Your Loan

In some cases, you may be allowed to postpone your loan payments by either receiving a deferment or forbearance. Check with the Loan Administration Office, second floor Main Hall, to see if you qualify for a deferment or forbearance.

Your Federal Perkins Loan may be cancelled under certain conditions. For more information, visit our servicer, Campus Partners, and their loan cancellation page or check with Student Financial Services for more information.