Under Federal law, the authority for institutions to make new Federal Perkins Loans ended on September 30, 2017. As a result, UMGC students can no longer receive Perkins Loans. Learn more on the Federal Student Aid website.

The information below pertains to those students who previously borrowed a Federal Perkins Loan with UMGC.

Cost of Borrowing

The Federal Perkins Loan Program does not require borrowers to pay a loan origination fee. The annual interest rate of 5 percent makes the Federal Perkins Loan Program the "lowest cost" federal loan program. Interest does not begin to accrue until nine months after you graduate, cease enrollment, or drop below half-time enrollment (6 credits).

Entrance Loan Counseling

If you borrow from the Federal Perkins Loan Program, you must complete a loan counseling session every academic year for which you receive a loan, and complete the Federal Perkins Loan Borrower’s Questionnaire at the end of the Perkins Loan counseling session. The link for the entrance counseling will be e-mailed to you by the Office of Student Accounts. 

Exit Loan Counseling

Perkins Loan exit counseling is required by the Department of Education to advise students of their loan repayment schedule, obligations, and rights to deferment and/or cancellation. UMGC is required to conduct this exit interview whenever students are no longer enrolled in at least half-time status.

To complete the Perkins Loan exit counseling, please contact our Perkins Loan Servicer, Heartlands ECSI, at 888-549-3274. You may also e-mail the Office of Student Accounts Perkins Loan Collections Office for additional information.

Master Promissory Note

Perkins Loan borrowers at UMGC will receive a Federal Perkins Loan Master Promissory Note from the UMGC Perkins Loan Coordinator. Borrowers will return their properly completed Perkins Loan Promissory Note to the UMGC Student Accounts.


You will begin to repay a Federal Perkins Loan at the end of a nine-month grace period that begins when you leave the university or drop below a six unit course load. Payments are based on the total amount borrowed, but may not be less than $40 per month. Because your loan requires repayment within ten years, your payments may be higher than the minimum repayment. You can prepay your loan at any time without penalty.  You can consolidate loans from more than one Federal Title IV student loan program and have just one monthly payment. Refinancing may also give you a longer repayment period.

Deferments and Cancellations

During a period of deferment, you will not have to make payments on your loan and no interest will accrue. Under certain circumstances, such as teaching in a designated elementary or secondary school serving students from low-income families, you may cancel the loan. Learn more about deferment and cancellation on the U.S. Department of Education website.


If you have difficulty repaying your loan, you may be granted a limited period of forbearance upon written request. During an approved period of forbearance, reduced or postponed payments result, although interest continues to accrue on your loan.

For more information on repayment options, deferment, or cancellations, please contact our Loan Servicer, Heartland's ECSI, at 888-549-3274. You may also e-mail the Office of Student Accounts Perkins Loan Collections Office.

Other Federal Loans