Perkins Loan

About the Loan
Eligibility
Interest Rate
Loan Limits
Awarding
Disbursement of Loans
Maintaining the Loan
Repayment

Effective Academic Year 2015–2016, this program has new provisions. "New" borrowers (students who have not received the Perkins Loan for the previous academic year) will not be eligible to receive this loan in future academic years becuase there will be no funding available for this program. In addition, the first disbursement of these loan funds for new borrowers must be made prior to Sept. 30, 2015, in order to receive the subsequent spring term disbursement. There are grandfathering provisions for borrowers who have received this loan in the previous academic year. These Perkins Loan borrowers were awarded based on new provisions that require the grandfathered students to remain in the same eligible program each year to receive the Perkins Loan for a maximum total of five years.

About the Loan

The Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with financial need. The loan is funded by the federal government, but the school acts as the lender. All payments on the Perkins loan will be made to University of Houston.

Eligibility

  • You must have "need" as determined by the FAFSA.
  • You must be enrolled at least half-time.
  • You must maintain Satisfactory Academic Progress requirements.
  • You may not exceed annual or lifetime aggregate loan limits.

Interest Rate

Fixed rate of 5 percent, and no interest accrues while enrolled at least half-time.

Loan Limits

  • Annual Limits: $8,000
  • Lifetime Limits: $60,000*

*includes undergraduate amounts

Awarding

Student will be awarded as funds are available. If awarded, the student will need to complete Master Promisory Note (MNP) and Entrance Interview.

Form Explanation
E-Sign Promissory Note This must be completed to receive funds. The signature is good for 10 years.

Entrance Interview

This must be completed to receive funds.
Exit Interview This is completed when the student leaves or graduates from the university or is no longer at least half-time status. This does not include summer sessions. Students do not have to enroll in summer sessions as long as they resume classes the following fall.

Disbursement of Loans

Loans will begin disbursing after the first day of class. Once funds have been disbursed, they will be applied to the student’s account to cover charges. If a credit balance is created, funds will be refunded to the student’s Higher One account preference.

Maintaining the Loan

In order to maintain eligibility, students must be enrolled at least half-time at the time of disbursement and meet all Satisfactory Academic Progress requirements.

Repayment

Repayment begin 9 months after the student:
  • Graduates,
  • Leaves the University or
  • Drops below half time enrollment
The UH loan servicer for the Perkins program is ESCI (1-888-549-3274). Repayment terms are up to 10 years, depending on the total amount of Perkins funds owed.