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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
- 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 is currently in a state of transition. Absent further Congressional action, this federal loan program will be phased out after September 30, 2015. Although the Federal Perkins Loan offers can be made for the 2015-2016 academic year, there are no guarantees that offers can be made to students in subsequent academic years.
IMPORTANT: New borrowers will be eligible for the Federal Perkins Loan in the 2015-2016 academic year, only if the first disbursement has paid to the student account by September 30, 2015. Loans that were awarded, but not disbursed by September 30, 2015 will be canceled. These students will not eligible for the Federal Perkins Loan in future academic years.
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.
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