Federal Perkins Loans

This federal loan program is awarded by UTC on a first come first served basis. Priority is given to junior and senior undergraduate students (60 or more earned hours) and non-resident freshmen and sophomores.  Students must have exceptional financial need and be meeting Satisfactory Academic Progress requirements, including a minimum 2.0 cumulative GPA. 

Loan Limits: The annual undergraduate Perkins Loan limit is $5,500 (normal award is $2000 in fall and spring semesters, $1500 for summer), with an aggregate undergraduate limit of $27,500. The annual graduate Perkins Loan limit is $8,000 (normal award is $3,000 for fall and spring semesters), with an aggregate limit of $60,000.

Interest rates: 5% fixed; no fees.

Repayment: 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 there is a maximum 10-year repayment period.  UTC is the lender.

Federal Perkins Loan Procedures: Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov.  Request the Perkins Loan by completing and submitting a Supplemental Request Form located on our forms page at www.utc.edu/financial-aid/forms to the Financial Aid Office. The Perkins Loan will be offered at the standard per semester amounts indicated above if a specific amount is not requested by the student.  The student must accept the offered amount or partial amount through their MyMocsNet account within 30 days. Offers not accepted within 30 days will be canceled, and the student must reapply for this award. 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.

The Federal Perkins Loan has different forgiveness and cancellation provisions than the Federal Direct Loan program.  More information is available on the Department of Education's website.