Financial Aid & Scholarships

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Perkins Loan

A federal Perkins loan is a low-interest, need-based loan. Financial need is determined by students completing the Free Application for Federal Student Aid (FAFSA) by February 1st. Students must be enrolled at least half-time to be considered for this loan. This loan program has limited funds. Students who meet the eligibility criteria may not be funded. Past recipients cannot be provided a guarantee of future renewability.

Tier 1 Criteria

Priority consideration is provided to students demonstrating Tier 1 characteristics.

Undergraduate Students

  • Science, technology, engineering, mathematics (STEM) majors or Nursing majors. Cannot have the words “pre” before your major. You must be fully admitted into your degree program.
  • 85% successful satisfactory academic progress completion rate of all classes attempted.
  • Must demonstrate a completed historical average credit hour per semester greater than 12.
  • FAFSA expected family contribution (EFC) less than $5,100.
  • Dependent students only.

Graduate Students

  • Science, technology, engineering, mathematics (STEM) major, Nursing, Law, Orthodontic or Pediatric Dentistry.
  • 85% successful satisfactory academic progress completion rate of all classes attempted.
  • Must demonstrate a completed historical average credit hour per semester greater than 10.
  • FAFSA expected family contribution (EFC) less than $5,100.

Tier 2 Criteria

Secondary consideration is provided to students demonstrating Tier 2 characteristics.

Undergraduate Students

  • Science, technology, engineering, mathematics (STEM) majors or Nursing majors. Cannot have the words “pre” before your major. You must be fully admitted into your degree program.
  • 85% successful satisfactory academic progress completion rate of all classes attempted.
  • Must demonstrate a completed historical average credit hour per semester greater than 12.
  • FAFSA expected family contribution (EFC) less than $10,000.
  • Dependent students only.

Graduate Students

  • Science, technology, engineering, mathematics (STEM) major, Nursing, Law, Orthodontic or Pediatric Dentistry.
  • 85% successful satisfactory academic progress completion rate of all classes attempted.
  • Must demonstrate a completed historical average credit hour per semester greater than 10.
  • FAFSA expected family contribution (EFC) less than $10,000.

Tier 3 Criteria

Remaining consideration is provided to students demonstrating Tier 3 characteristics.

Undergraduate Students

  • Any major.
  • 85% successful satisfactory academic progress completion rate of all classes attempted.
  • Must demonstrate a completed historical average credit hour per semester greater than 12.
  • FAFSA expected family contribution (EFC) less than $5,100.
  • Independent or dependent students.

Graduate Students

  • Any major.
  • 85% successful satisfactory academic progress completion rate of all classes attempted.
  • Must demonstrate a completed historical average credit hour per semester greater than 10.
  • FAFSA expected family contribution (EFC) less than $5,100.

Interest

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.