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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.

Please note: The Federal Perkins Loan Program Extension Act of 2015 allows eligible students to be awarded through September 30, 2017. Absent Congressional action to reauthorize the Federal Perkins Loan Program, the program expired on September 30, 2017. Students who received Federal Perkins Loan disbursements for Fall Semester 2017 by September 30 are allowed to receive their Spring Semester 2018 Federal Perkins Loan disbursements. Refer to the annual disclosure language for details.

Perkins Loan Counseling

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

Annual Disclosure 2017-2018 (PDF)

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-$2,200 per year. The annual maximum is subject to change, pending available funds and financial need.
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What is the maximum amount allowed?

The maximum annual amount for an eligible undergraduate student is $5,500. The maximum aggregate amount for an eligible undergraduate student is $27,500. 

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How many credits are required?

The Federal Perkins Loan requires a minimum enrollment of 12 credits per semester to be disbursed.

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

Once a student-borrower graduates, drops below half time, or leaves school, exit loan counseling with the loan servicer is required to establish repayment provisions.

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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. Information regarding loan cancellation and deferment options is also provided in the exit counseling process.

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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.  FAFSA becomes available October 1 for the next academic year. 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. Perkins Loan funds are limited; submitting a FAFSA as early as possible each year provides the greatest opportunity for eligible students to receive an award that includes a Perkins Loan.

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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