Federal Perkins Loans
This federal loan program is awarded at UTC on a first come first served basis to undergraduate students with exceptional financial need. The annual undergraduate Perkins Loan limit is $5,500 (maximum of $2,000 per fall and $2,000 per spring), with an aggregate undergraduate limit of $27,500 and $60,000 for graduates.
Interest Rate: 5% fixed; no fees.
Repayment Begins: Perkins Loan repayment begins nine months after the student graduates, drops below half-time enrollment or is no longer enrolled. Interest accrues only during repayment periods and a maximum 10-year repayment period. UTC is the lender.
Federal Perkins Loan Procedures: Complete the Free Application for Federal Student Aid (FAFSA) by February 15 before the upcoming Fall semester to meet UTC's April 1 priority deadline for this loan. All required financial aid documents must be on file in the UTC Financial Aid Office by April 1 to meet the priority deadline. The student must request the Perkins Loan by completing and submitting a Request for Loan Adjustment Form to the Financial Aid Office. The Perkins will be offered if a specific amount is not requested by the student. The student must accept the offered amount or partial amount through the MyMocsNet account. Once the loan is accepted, the Bursar’s will send an email within 1-2 weeks instructing the student to complete the Master Promissory Note (MPN) for the Perkins.