A Perkins loan is a five percent simple-interest federal loan awarded to undergraduate, graduate, and professional students who demonstrate exceptional financial need. UNM is the lender.  Perkins loans are made from a revolving account of federal and UNM funds.  Perkins loans are repaid to UNM by previous borrowers, and are loaned again to current students.

Perkins loans are first awarded to students who met the March 1 application priority date in order of financial need.  Late applicants who meet the eligibility requirements for Perkins Loans may receive consideration after all eligible students who met the prior date have been awarded.  If funds are no longer available, late applicants are not awarded Perkins Loans.

The Financial Aid Office will determine how much you are eligible to borrow and what type(s) of loans you are eligible to receive. Requesting a given loan type and amount does not necessarily mean you will be eligible for that amount and/or type of loan(s). Students who are enrolled less than an academic year may have their loans prorated to a reduced amount.

Repayment of the Perkins loan begins nine months after you graduate or cease to be enrolled half-time. The minimum payment is $40 and the standard repayment period is 10 years.

Cancellation options are available for Perkins loans. In general, cancellation options include:

  • teaching in elementary or secondary schools serving low-income students

  • teaching special education

  • teaching handicapped education

  • teaching in fields of expertise as determined by the state department of education

  • employment with Head Start Pre-School Program

  • employment as a nurse or medical technician

  • employment in a child or family service agency

  • employment in law enforcement

  • serving as a Peace Corps volunteer or a volunteer under the Domestic Volunteer Service Act

  • employment with early intervention services

  • engaged in Military Service in an area of hostility or imminent danger.


For additional information regarding the repayment of your Perkins loan, you may contact the servicer, New Mexico Student Loans.  They may be reached at www.nmstudentloans.org or perkins@nmstudentloans.org.

 
 

  

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