A Federal Perkins Loan is a low-interest (5%) loan. You must repay this loan. Eligibility is determined as a result of the Free Application for Federal Student Aid (FAFSA). Funding is based on collections from past borrowers so it is limited. Early application for eligible students is necessary to insure the award before funds are depleted.
Awards range from $200 to $1,500 for an academic year. If awarded a Federal Perkins Loan, an electronic promissory note must be signed on-line at https://www.ecsi.net/prome6.html. If the promissory note is not signed, the award will be canceled and given to another eligible student.
Repayment begins nine months after graduation, withdrawal from college or dropping below half-time enrollment (less than 6 credit hours). Perkins loan borrowers are required to complete an Exit Interview Questionnaire and Repayment Agreement prior to leaving the campus. Failure to complete the exit interview process can result in an administrative hold being placed on your diploma, transcripts and registration status. Specific information concerning repayment will be provided at that time. The length of repayment and monthly payment amount are determined by the total amount borrowed. Contact the Student Accounts Office at 716-673-3236 if you would like an estimate of your monthly payment.