A Perkins loan is offered to students on the basis of financial need as determined by the FAFSA. Students must be enrolled at least half time to be considered for this loan.
Parents do not need to co-sign for this loan. The loan is in the student's name only. The UNLV FAFSA priority deadline to be considered for this loan is Feb. 1 because of limited government financial support for the Perkins loan program.
While you are attending school and meet the eligibility criteria, the interest on this loan is paid by the U.S. government. No payment on the principal balance of the loan is necessary so long as the student remains half-time status (six credit hours undergraduate and five credit hours graduate students).
The interest rate is fixed at 5 percent. Yearly loan amounts you may borrow vary ($500 to $2,000) depending on the following: appropriated funding levels and your credit hours enrolled per semester.
Although the Perkins loan is considered a federal loan, UNLV is considered the holder of this loan when a student goes into repayment.
Before the proceeds of this loan will credit to a student's cashiering account, all students must complete two steps:
- An Entrance Loan Counseling Session – The entrance loan counseling session has mandated consumer rights and responsibilities information from the U.S. Department of Education about your loan.
- The Master Promissory Note – The master promissory note is a legal document where you affirm to pay back your loan in the future. Information will be sent to Perkins loan recipients regarding how to complete these two processes.