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This is a low-interest loan (5%) for both undergraduate and graduate students with exceptional need. Awards are made on a priority basis while funds are available. The University is your lender, and you must repay this loan to the University. Repayment begins nine months after you stop attending school at least half-time.
IMPORTANT: You are required to sign a promissory note before receiving funds for this loan. If you do not sign the promissory note, the loan offer will be withdrawn and the funds will be awarded to other students.
How can I become eligible for Perkins Loans?
- As with other types of financial aid, a student applies for a loan by filing a FAFSA. Because Perkins Loan funds are limited, students are encouraged to file the FAFSA by April 1st preceding each academic year to increase their chances of receiving a loan.
- We will award students who are eligible to receive a Perkin's loan in MyView. The maximum borrowing amount will be offered to the studen,t and the student accepts the amount on MyView.
- Prior to the start of classes, students are notified via UMSL e-mail to sign the Perkins Master Promissory Note and accept the loan amounts at the ECSI (Educational Computer Systems Incorporated) website.
- Loan funds will not be credited to a student's university account until the student completes the promissory note process via the link above.
For more information regarding Perkins Loans, visit the U.S. Department of Education.