The Perkins loan is a federal loan program awarded to full-time students demonstrating financial need. Awards range from $500 to $5,500 per academic year for undergraduates and up to $8000 for graduate law students per academic year. Repayment of this loan begins nine (9) months after the student ceases to be enrolled at least half-time. The current interest rate is fixed at 5%.
All recipients of the Federal Perkins Loan are required to complete and confirm the following documents prior to disbursement of the loan to the student account. You will be notified of the requirements via email and a mailed loan package along with instructions prior to the beginning of the semester.
Documents that are required to be completed by first time borrowers before the Loan is disbursed to the student account:
- Master Promissory Note (MPN) –This is for first time borrowers and can be completed electronically via ACS Education Service website. This outlines you rights and responsibilities under the loan program. Your MPN is valid for 10years.
The link to sign your MPN online is available here .
- Entrance Counseling - This is for first time borrowers and can be completed electronically via Financial Counselor. This is a tutorial on the importance of student loans and awareness of student loan debt.
The link to complete your Entrance Counseling is here .
- Annual Disclosure Statement - The student is required to sign and return this form to the Office of the Bursar. This statement outlines any prior disbursements from the loan program, discloses interest rates, grace period and late fees. This form is mailed in the original loan package sent to your home address.
Loan Exit Counseling:
The Loan Exit Counseling is designed to ensure that you understand you rights and obligations as a student loan borrower. The session outlines the repayment provisions, grace periods, deferment options and rights and responsibilities of a loan borrower.
The Exit Counseling session can be completed here .
An in-person Exit Counseling session can be scheduled with the Office of the Bursar upon request.
The Exit Interview is a Federal requirement and failure to complete it could result in a hold on your official transcript, diploma and academic records.
