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 through the ESCI loan servicer (1-888-549-3274). This loan program expired on Oct. 1, 2015, with certain grandfathered provisions allowing disbursements through 2020.

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

The maximum limits are as follows:

Annual Maximum Aggregate Maximum
Undergraduate $5,500 $27,500
Graduate $8,000 $60,000*

*includes undergraduate amounts

Awarding

Students will be awarded as funds are available, and if they meet the grandfathered provisions. If awarded, the student will need to complete Master Promissory Note (MPN) and Entrance Interview. Federal Perkins Loans are campus-based loans. It is a Federal Loan Program, but the University of Houston is your lender. All new borrowers must sign a MPN and complete Perkins Loan Entrance Counseling.

If you have been awarded a Perkins Loan and have registered for the upcoming semester, you will be required to provide your electronic signature for a Perkins MPN.

Form Explanation
E-Sign Promissory Note & Entrance Interview These must be completed to receive funds. You will access your Perkins MPN using the same federal PIN number used to complete your FAFSA. The signature is good for one (1) year. Click here to follow instructions for completing the required entrance interview and e-sign your promissory note.
Exit Interview This is completed when the student leaves or graduates from the University, or is no longer enrolled with 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. Log in to your account here and follow instructions for completing the required exit interview.

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.