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Financial Literacy FAQ
Note: As of February 17, 2016, the Perkins Loan program will expire on September 30, 2017. The requirements have changed on which students can be awarded this loan so not everyone is eligible.
This is a low-interest student 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.
- No interest accrues on the loan while you are attending at least half-time.
- Repayment begins nine months after you stop attending school at least half-time.
- This loan can be consolidated with Federal Direct Stafford Loans.
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 If you do not sign the promissory note, the loan offer will be withdrawn and the funds will be awarded to other students.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 Perkins loan in MyView. The maximum borrowing amount will be offered to the student 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. Our school code is AC6B.
- 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.