What is a Federal Perkins Loan?
A Federal Perkins Loan is a low-interest, fixed-rate (5%) loan offered by the school to a limited number of students who show exceptional financial need and who file their Free Application for Federal Student Aid (FAFSA).
Federal Perkins Loans are funds provided by the federal government using the college as the lender. Carthage uses a loan management company call Educational Computer Systems Incorporation (ECSI) to manage these loans. ECSI can be contacted by calling 1-888-549-3274. All interest on a Perkins Loan is paid by the federal government while the student is attending school at least half time and during the nine-month grace period after the student either graduates or fails to enroll at least half-time. Repayment on this loan begins nine months after the student graduates, leaves school, or fails to enroll at least half time. A student has up to 10 years to repay the loan depending on the amount borrowed.
When can I complete the Perkins Entrance Counseling and Master Promissory Note?
The Financial Aid office must notify ECSI of the student’s loan before the student can go online and e-sign the Perkins Entrance Counseling and Master Promissory Note. Normally a list of enrolled students is uploaded to ECSI in early August of each year. A letter or email will go out to the student informing him or her when he or she can go online to complete this process.
Are any documents required for the Perkins Entrance Counseling/Perkins Master Promissory Note?
In addition to the FAFSA, all first-time borrowers must complete an Entrance Counseling Session and a Master Promissory Note. Complete Perkins Loan Entrance Counseling and Sign the Perkins Master Promissory Note online. The Perkins Loan will not transfer to the student’s account until after this process is completed. If you wish, you can decline the Perkins Loan by either emailing your wishes to the Office of Student Financial Planning, email@example.com, or by logging into your My.Carthage account.
Perkins Loan Exit Counseling
When a student withdraws or graduates, the student is required to complete Perkins Exit Counseling. The student will receive a letter or email from ECSI giving the details of this process.
Federal Loan Consolidation
After a student graduates or quits school for six months, the student needs to make a decision concerning loan consolidation or repayment. Read more about loan consolidation