JUST THE FACTS

The University of Nebraska at Omaha Perkins Loan Office is your lender and is responsible for administering the loan fund. The Perkins Loan Office receives notification of borrower’s acceptance of the award from the Financial Aid Office. The office is responsible for all aspects of the loan from the initial disbursement through repayment in full.

Interest Rate – The interest rate for the Federal Perkins Loan is 5%.

Aggregate Loan Limits – The 1998 Higher Education Amendments changed the aggregate loan limits to: $20,000 for a student who has successfully completed two years of a bachelor’s program, but has not completed the degree; $40,000 for a graduate or professional student; and $8,000 for all other students.

Credit Bureau Reporting – All Federal Perkins Loans are reported to credit bureau organizations at the time of first disbursement.

Grace Period – The grace period for Federal Perkins Loans is typically nine months. The grace period is the length of time between graduation and/or termination of at least half-time enrollment, and the commencement of repayment. Interest does not accrue and payments are not required.

Repayment – Begins six or nine months from the time the borrower ceases to be enrolled at least half time. The borrower will have a maximum repayment period of ten years to repay the loan in full.

Minimum Monthly Payment Amount – The minimum monthly payment is $40.00 if borrower received a Perkins Loan for the first time on or after October 1, 1992. If a borrower received a Perkins Loan prior to October 1, 1992, the minimum monthly payment is $30.00. The minimum monthly payment may increase depending upon the total amount borrowed from the Perkins Loan Program.

Prepayment – There is no penalty for prepayment of the loan.

PERKINS LOAN ENTRANCE & EXIT COUNSELING

Students who borrow under the Federal Perkins Loan Program are required to complete entrance counseling to qualify for a Federal Perkins Loan. Students are also required to complete exit counseling once they cease to be enrolled at the University of Nebraska at Omaha at least half-time.

You may complete your counseling requirements by clicking on the link below. If you have any questions as you complete the counseling requirements, you may contact the Perkins Loan Office at (402) 554-2657.

Perkins Loan Entrance Counseling

Perkins Loan Exit Counseling