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Federal Perkins Student Loan Program

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Federal Perkins Student Loan Program

Federal Perkins Student Loan Program

General Information:
 
Please note that as of October 1, 2017, other than for pre-existing 2017-18 disbursements, Federal Perkins Loans are no longer available.
  • Federal Perkins Loans are low interest federal loans offered to students who express sufficient financial need. If your FAFSA shows you have adequate financial need, McNeese may offer you a Perkins Loan.
  • Terms of Perkins Loan:
    • 5% interest during repayment
      • begins 9 months after the borrower is no longer enrolled in school at least ½ time
    •  Interest on the Federal Perkins Loan does not accrue before repayment begins.
    • Undergraduate:
      • The Extension Act amended HEA section 461 to end an institution’s authority to make new Perkins Loans to undergraduate students on September 30, 2017.  However, if an eligible undergraduate student receives a disbursement of a Perkins Loan before October 1, 2017, for the 2017-2018 award year, the student may receive any subsequent disbursements of that Perkins Loan through June 30, 2018.
    • Graduate:
      • Graduate students are not eligible for Perkins Loans. The Extension Act amended section 461 of the Higher Education Act of 1965, as amended (HEA), to end an institution’s authority to make new Perkins Loans to graduate students on September 30, 2016.
  • After a student ceases to be enrolled at McNeese at least part time, he or she will be required to attend an Exit Interview at the University.
 
Repayment:  
 
The Federal Perkins Loan program is a campus-based program, meaning McNeese State University is the lender; however, McNeese has a third party servicer, Heartland ECSI, who handles all Perkins loans for the university. Representatives are available to explain terms and conditions of the Federal Perkins Loan Program, detail repayment options, provide current loan statuses to borrowers, and assist with potential cancellations and forbearance. Heartland ECSI’s information is as follows:
 
Heartland ECSI
P.O. Box 718
Wexford, PA 15090

(888) 549-3274
https://heartland.ecsi.net/
 
The Federal Perkins Loan program offers borrowers the opportunity to apply for loan cancellations if they work in certain career fields. If eligible, a student can have up to 100% of his or her loan cancelled over a 5-6 year period, depending on the career. All cancellation and other borrower forms can be found on the website of: https://heartland.ecsi.net/ OR you can also call (888) 549-3274 to speak with a representative about your Perkins loan.