Federal Perkins Loan
The Federal Perkins Loan is a loan that is processed by the University of Louisville rather than by a bank. Awards from this loan are made to students based on financial need. Awarding priority is given to early eligible applicants until funds are exhausted. Students who are awarded a Perkins Loan will receive an award notification from our office.
Step By Step Perkins Loan Instructions
You must file a FAFSA indicating your interest in student loans and receive an award notification from our office listing a Perkins Loan offer.
- You may initially accept, reduce, or decline the Perkins Loan on ULink using the option (Accept/Decline Financial Aid) under the Financial Aid section on the Student Services tab. You may review your account activity on ULink below Tuition, Fees, Payment Options on the Student Services tab. For assistance with ULink, review our ULink Financial Aid tutorials.
- If you are accepting the Perkins Loan, you must be enrolled at least half-time in a U of L eligible degree program for the funds to disburse to your account. Half-time for undergraduates is 6 hours.
- If you are a first-time Perkins Loan borrower at U of L, you must complete both an Entrance Counseling session and a Perkins Master Promissory Note. These can be completed on the Bursar's Office website.
- Use the Federal Perkins Loan Repayment Calculator to see what your repayment will look like.
- The Perkins Loan is currently a great student loan given the interest rate is fixed at 5%. The Perkins Loan does not accrue interest while the student is attending at least half-time in a degree program. With the Perkins Loan you also have a 9 month grace period rather than the 6 month grace period of the Stafford Loan.