Perkins Loans

Perkins Loans Navigation

• Federal Perkins Loans
• Federal Perkins Loan Addendum
• Award Amounts
• Master Promissory Note (MPN)
• National Student Loan Data System
• Grace Period
• In-School Deferment
• Deferment / Forbearance Request
• Cancellation
• Loan Rehabilitation
• Loan Consolidation
• Credit Bureau Updates
• FSU Contact Information
• ECSI Contact Information

Federal Perkins Loans

The Federal Perkins Loan Program includes Federal Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans-- these have not been issued since July 1st, 1972, but there are a few still in repayment). Perkins Loans and NDSLs are low-interest (currently 5%), long-term loans made through school financial aid offices to help needy undergraduate and graduate students pay for postsecondary education.

Federal Perkins Loan Addendum

The United States Department of Education has created an Addendum to the Perkins Loan Promissory Note to notify you of additional benefits available. Florida State University is making this information available to all students who have borrowed a Perkins Loan and are: Enrolled, in Grace Period, or in Repayment. To read the official notification sent to all Perkins students, and to read the Addendum for yourself, please download our Perkins Loan Addendum below:

Award Amounts

The maximum annual awards for Federal Perkins Loans are as follows:

• $4,000.00 for undergraduates;
• $6,000.00 for graduates

If you are interested in obtaining a Perkins Loan, please contact the FSU Office of Financial Aid for requirements and availability.

Master Promissory Note (MPN)

Once the Office of Financial Aid has awarded you a Perkins Loan, the Master Promissory Note (MPN) must be sined. You will be sent an email message when your MPN is available. Typically, MPNs are made available the week before each semester starts. If a Perkins Loan is awarded after the semester has started, the MPN will be available within 3-5 business days.

To sign the MPN, please login to Blackboard, go to Secure Apps, and click on "Perkins Loan Promissory Note". You will need your FAFSA PIN to complete the electronic signature portion of the MPN. Please also check your Financial Aid Student ToolKit to verify that all other requirements, such as Loan Entrance Counseling, have been completed.

National Student Loan Data System

The United States Department of Education's National Student Loan Data System lists all loans for all students. This site will list all of your loans from all schools that you have attended, including the lender, status of the loan, and amount owed. It is available through your Financial Aid ToolKit, at www.nslds.ed.gov or by calling (800)4-FED-AID. Your FAFSA PIN will be required to access personal information.

Grace Period

When enrollment drops below half-time status due to graduation or withdrawal, the grace period begins. The first grace period on a Perkins Loan is nine (9) months and any additional grace period after deferment is six (6) months in length. You will receive three (3) notices from ECSI during your grace period with information that details when your repayment will start and the amount that will be billed each month.

In-School Deferment

The Deferment Form for Perkins Loans is available at http://www.ecsi.net/bwr/forms/wdef.pdf (www.ecsi.net to 'More Information for Borrowers' to 'Forms' then scroll to 'Request for Deferment Form' and click on 'PDF').

In order to be eligible for an In-School deferment, enrollment must be at least half-time and certification of enrollment on school's letterhead or with school's seal on deferment form needs to be provided. The certification of enrollment obtained from your Registrar's office will need to include starting and ending dates and status level (full-time, half-time, etc.) for semester/quarter enrolled.

Please send the Deferment Request Form and supporting documentation to the address listed below under "FSU Contact Information".

Deferment/Forbearance Request

During Deferment, principal and interest are not billed or due. During Forbearance, principle is not due, but interest continues to accrue. Forbearance Interest may be paid monthly or at the end of the Forbearance period. Up to 12 months of deferment or forbearance may be requested at a time. Borrowers are eligible for up to 36 months of forbearance and each type of deferment.

The Forbearance/Deferment Request Form for Perkins Loans is available at:

http://www.ecsi.net/bwr/forms/wforb.pdf (www.ecsi.net to 'More Information for Borrowers' to 'Forms' then scroll to 'Request for Forebearance/Hardship/Unemployment Deferment' and click on 'PDF')

For example, for the Unemployment Deferment, provide documentation that you are receiving unemployment benefits or are working with an employment agency.

Please send the Deferment/Forbearance Request Form and supporting documentation to FSU using the address under "FSU Contact Information" below.

Cancellation Request

The Cancellation Request Form is available at: www.ecsi.net: go to ‘More Information for Borrowers’ then to ‘Forms’ then scroll to Request for Deferment/Cancellation and click on career service area. Only full-time employment qualifies for cancellation.

For most types of employment, cancellation is a five-year process to cancel a loan in full. Partial cancellation is done each year in these amounts: 15% each the 1st and 2nd years; 20% each the 3rd and 4th years; and the final 30% after the 5th year.

The process is as follows: When employment begins, submit the Cancellation Request Form completing the "Deferment in Anticipation of Cancellation" section and having your employer certify the form with official seal or attach certification on letterhead. The certification must include starting (and ending, if applicable) date, job title/description, and employment status.

Once documentation is received and approved, the loan is placed in deferment for a full calendar year (for example 9/1/09 to 9/1/10). After the calendar year has been completed, the cancellation form and certification of employment need to be submitted again to cancel the year worked and defer the coming year. Documentation is submitted each year until the loan is cancelled in full or eligible employment ends.

Cancellation Request and supporting documentation may be submitted either to ECSI or FSU.

Loan Rehabilitation

Loan rehabilitation is a special type of payment arrangement developed by the federal government to assist student loan borrowers. Rehabilitation consists of nine on-time monthly payments. Once rehabilitation is completed on your loan, your account will be returned to current status and all prior negative credit history will be removed. Rehabilitation may only be completed one time on a Perkins Loan. Please contact FSU for more information on rehabilitation.

Loan Consolidation

If interested in consolidating Perkins Loan with Stafford Loans, contact Stafford lender to add in Perkins Loan. Many lenders are no longer doing consolidation loans because of the current state of the economy. One lender who is still offering consolidation loans is Direct Loans which is run by the US Department of Education. Their contact information is (800) 557-7392 and http://www.loanconsolidation.ed.gov.

Credit Bureau Updates

Credit Bureau updating of Perkins Loans occurs on the last business day of each month.

FSU Contact Information

Perkins Phone: (850)-644-9459 or (850)-644-5098

Fax: (850)-644-5142

Mail:

FSU- Student Financial Services

Attn: Perkins Loans

PO Box 3062394

Tallahassee, FL 32306-2394

Payments/ECSI Contact Information

Educational Computer Systems, Inc. (ECSI) is FSU's billing service for Perkins Loans.

Phone: (888)-549-3274

Hours: Monday-Friday 7:30am to 8:00pm Eastern

Website:www.ecsi.net

• Account # is the same as SSN, our school code is P6, and PIN must be obtained from ECSI.

Mail:

Payments made payable to Florida State University (P6)

c/o ECSI

181 Montour Run Road

Coraopolis, PA 15108