The Federal Perkins Loan is a need-based loan awarded by EVMS based on availability of funds. The Perkins Loan fund is a revolving fund. Prior students repay their loans with interest and those funds are loaned to current students. The Perkins fund is one of the few subsidized loans which graduate students are eligible to receive. Subsidized means the federal government will pay the interest during periods of enrollment, grace or deferment.
- Interest is 5% during repayment
- 9-month grace period between end of enrollment and beginning of repayment
- Ten years for standard repayment
- No origination/default fee
Funds are extremely limited.
UAS (United Accounting Services) handles origination and servicing as a third-party servicer on behalf of Eastern Virginia Medical School. Students awarded Perkins will be required to complete online counseling and master promissory note, as well as review disclosures, on their site prior to disbursement of funds.