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 Federal Perkins Loan 

 

SPOTLIGHT

Federal Perkins Loan - The Federal Perkins Loan Program is a need-based loan for students who demonstrate exceptional financial need. Eligible students are awarded the loan based on data collected from the Free Application for Federal Student Aid (FAFSA). Awards from the Federal Loan program range in amount based on demonstrated need. The interest rate for this loan is fixed at five percent, calculated on the outstanding principal balance, and recalculated after each payment is received.

Repayment of the Federal Perkins Loan begins after a nine month grace period. The grace period begins once a student drops below half-time status at this Institution for any reason to include suspension, transfers, or graduates. Several deferments, postponements, and cancellations are available to qualified borrowers throughout the repayment period when requested by the borrower. Specific information regarding these provisions may be obtained directly in the Federal Perkins Loan office on campus, the billing service of Heartland Campus Solutions ECSI (formerly ECSI), or the Federal Student Aid Website (click on the "Repay Your Loans" tab).

Students  awarded a Federal Perkins Loan are required to sign a master promissory note (MPN). Warning! This is a separate process from the Stafford loan promissory note or any other loan offered to students.

Perkins Loan Master Promissory Note and MPN Instructions:

  • Approximately one week after acceptance of a Perkins Loan on MySRU, email notification is sent from ECSI to eSign the MPN using the ECSI website provided.
  • Select "Manage your Student Loan Account". (Note: An account number, pin, or password is not required to continue.)
  • Select "eSign a Promissory Note".
  • Choose "Slippery Rock University" from the list of schools.
  • Read the instructions, then click "Get Started". (Note: Instructions assist borrowers how to obtain a duplicate pin.)
  • SRU is notified weekly by ECSI regarding eSigned notes for distributions of funds to borrowers.

QUESTIONS regarding the Perkins Loan should be directed to:
SRU's Federal Perkins Loan Office, 002A Old Main, 724-738-2064;
or the Office of Student Accounts, 104 Old Main, 724-738-2088.