Santa Clara University

Federal Perkins Loan

The Federal Perkins Loan is designed to assist students with low family incomes and exceptional financial need. It offers a lower interest rate and more generous repayment terms than the other federally-sponsored student loan programs.

Federal Perkins Loan

  • Need-based
  • 5.0% subsidized fixed interest rate
  • 9-month grace period
  • FAFSA required annually
  • Must complete Entrance Counseling & a Master Promissory Note (MPN)
  • Must meet satisfactory academic progress
  • Awarded to both full- and part-time students

Federal Perkins Loan Phase Out

The Federal Perkins Loan program ceased on October 1, 2015.  

IMPORTANT: Students were eligible for the Federal Perkins Loan in the 2015-2016 academic year, if the loan was disbursed by September 30, 2015. Any loans that were not disbursed by September 30, 2015 were canceled.

The phase out allows some students the ability to remain eligible for the Federal Perkins loan when all of the following apply:

  • if at least one disbursement of a Federal Perkins Loan took place during or before the 2014-2015 academic year
  • if enrolled in the same college where last Federal Perkins Loan was disbursed
  • if enrolled in the same academic program for which the student received their Federal Perkins Loan

NOTE: If a student changes program of study, s/he will be no longer be eligible for the Federal Perkins Loan. Example: If the student were a Chemistry major but changed to History major; s/he will be no longer eligible for the Federal Perkins Loan.

Aggregate Limits

Maximum Annual Loan Amount
$5,500 (Undergraduate Students); $8,000 (Graduate Students)

Aggregate Lifetime Loan Limit
$27,500 (Undergraduate Students); $60,000 (Graduate Students)

Applying for the Federal Perkins Loan

When you apply for financial aid, you will automatically be considered for a Federal Perkins Loan. Funds are very limited and only students demonstrating exceptional financial need are offered a Federal Perkins Loan as part of their financial aid package.

If you have not previously borrowed through the Federal Perkins Loan program, you must complete an entrance counseling tutorial and submit a completed Perkins Loan Master Promissory Note (MPN) before funds can be disbursed to your student account. In order to complete the entrance counseling tutorial requirement and Master Promissory Note online.

Heartland ECSI Mailing Address
Santa Clara University c/o Heartland ECSI
181 Montour Run Road
Coraopolis, PA 15108-9408

Telephone 1-888-549-3274
FAX 1-888-291-5384

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