Office of Financial Aid

The Perkins Loan is funded by the federal government and awarded to students who show exceptional financial need. Exceptional financial need is defined as those students who have financial need remaining after subtracting the students Expected Family Contribution (EFC) and all other financial aid/resources from the students Cost of Attendance. You must be enrolled for at least 6 credit hours (5 or more for the Graduate College and School of Public Health) to receive the Perkins Loan. Unlike Direct Stafford Loans, when you accept a Perkins Loan, you are borrowing from UIC. Funding for the Perkins program is limited and awarded on a first come, first serve basis. The interest rate for this loan is fixed at 5%. There are no origination fees.

If you qualify for a Perkins Loan, the federal government pays interest on (subsidizes) the loan until you begin repayment and during authorized periods of deferment thereafter. Repayment of principal and interest begins after a grace period of 9 months after you leave school or fall below half time enrollment. Also, the Perkins loan program has unique teacher cancellation provisions.

Master Promissory Note

When borrowing through the Perkins Loan program, you must sign a Master Promissory Note (MPN) agreeing to pay back the loan, with interest, according to the terms of the program. You must complete the Perkins MPN online here. If you received a Perkins Loan at UIC during the 2004-2005 school year or later, you signed a Perkins MPN and should not need to sign another promissory note for the Perkins Loan program at UIC.

UIC Financial Counselor™ Requirement

Every year that you borrow a loan at UIC, you the student must complete a UIC Financial Counselor™ session. If you do not complete this online debt management tutorial, your grades, transcripts, and subsequent class registration will be put on hold.

Financial Aid

Federal Perkins Loan

Master Promissory Note

UIC Financial Counselor™ Requirement