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Minnesota State University, Mankato
Minnesota State University, Mankato

Federal Perkins Loan

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The Federal Perkins Loan program provides students with assistance in meeting the cost of attendance at eligible public and private post-secondary institutions.  It is funded by the Federal Government and is a low-interest, long-term educational loan.

Perkins Loan Counseling

Federal Perkins Loan Disclosures H.R. 3594 (PDF)

[PDF] Federal Perkins Loan Disclosures H.R. 3594 (111 KiB)

IMPORTANT: The Perkins Loan complies to both Satisfactory Academic Progress (SAPS) criteria as well as the Family Education Rights and Privacy Act (FERPA).

How is the Federal Perkins Loan awarded?

The Federal Perkins Loan is awarded on a first-come, first-served basis, depending on your financial need.  The average Minnesota  State University, Mankato Federal Perkins Loan award ranges from $100-$2,400 per year.
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What is the maximum amount allowed?

The maximum aggregate amount an eligible undergraduate student who has not completed two (2) academic years of coursework is $8,000. The maximum aggregate amount an eligible undergraduate student who has completed at least two (2) years of coursework and is pursuing a bachelor’s degree is $20,000. The annual maximum is subject to change, pending available funds and financial need.

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How many credits are required?

The Federal Perkins Loan on the Notice of Eligibility Letter is based on 12 credits of attendance per term.  The Federal Perkins Loan will be pro-rated if the student is enrolled for less than 12 credits and must be enrolled for at least 6 credits per term.

Students who drop below half-time, graduate or withdraw from Minnesota State University, Mankato are required to attend an exit interview with Student Financial Services to establish repayment provisions.

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What is the interest rate?

The interest rate for the Federal Perkins Loan is stated in the borrowers promissory note.  The annual interest rate for the Federal Perkins Loan is currently 5% a year.  Interest does not accure while you are enrolled at least half-time.

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Is there a "grace period" upon graduation and repayment?

The Federal Perkins Loan has a nine month grace period.  The "grace period" is defined as the period of time before the borrower must begin or resume repaying a loan.

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What is the minimum monthly payment?

The monthly repayment on the Federal Perkins Loan will be based on the total amount borrowed.  The minimum monthly repayment is $40.00.  The maximum repayment period is 10 years, but may be extended for an additional 10 years if Minnesota State Colleges and Universities' Loan Servicing Center determines that you are or will be a "low-income individual" as defined in the federal regulations published by the Department of Education.

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Can the Perkins Loan be cancelled?

The Federal Perkins Loan offers cancellation and deferment provisions outlined in detail in the promissory note.  You will receive more information on this subject in the exit interview with Student Financial Services ([507]389-1866).

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What is the application process to receive a Perkins Loan?

To apply for a Federal Perkins Loan you must first complete the Free Application for Federal Student Aid (FAFSA) annually.  Eligibility for the Federal Perkins Loan is based upon your Expected Family Contribution (EFC) determined from the FAFSA.  You may secure a copy of the FAFSA from Student Financial Services or high school guidance counselor. Be sure to apply early as MSU's priority date is March 15th.

Application Checklist*:

  • Accept your Perkins Loan award online through the e-services Award Response process.
  • Complete Perkins Entrance Loan Counseling and Master Promissory Note.
    • Watch for email instructions from (the Perkins Loan servicer, ECSI) to validate your identity online with your Social Security Number, Last Name, First Name, and Date of Birth. Note: this email will be sent to you after you have accepted your Perkins Loan award; if not received in your email inbox be sure to check your Junk Mail folder and set up as a Safe Sender.
      • If your identity is successfully validated at you will proceed to online completion of the entrance counseling and electronic promissory note.
      • If your identity is not successfully validated, you will be directed to print, complete and submit paper forms to the University. Mail original forms to Student Financial Services, 120 Wigley Administration Center, Mankato, MN 56001, or deliver in person to Campus Hub.
  • Retain a copy of your loan paperwork for your records.

 *only applies to students who have been awarded a Federal Perkins Loan from Minnesota State University, Mankato.


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