Perkins Loans

Important Information: Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.

General Perkins Loan Information

A borrower who received a Perkins Loan can learn more about managing the repayment of the loan by contacting either the school’s loan servicer, Heartland ECSI.

ECSI
100 Global View Drive, Suite 800
Warrendale, PA 15086
1.866-927.1438

http://www.heartlandecsi.com/

Exit Interview
A student borrowing a Federal Perkins Loan must have an exit interview before leaving MSU or in the event they register less than half time (less than six credit hours).

Repayment
If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. If you are attending less than half-time, check with our servicer to find out how long your grace period will be..  

Default 
If you fail to make a scheduled payment when due, the school will declare your Federal Perkins Loan to be in default. You must submit a deferment and/or forbearance request on or before the due date of your scheduled payment. If you default on a Federal Perkins Loan and the school is unable to collect, it will harm your credit rating and the federal government may take action to recover the loan. You cannot receive further financial aid if you are in default status.

Deferment
Certain conditions may make you eligible to apply for a deferment of your Federal Perkins Loan. Deferment options include:

• In-school Deferment
• Graduate Fellowship Deferment
• Rehabilitation Training
• Seeking Full-time Employment Deferment
• Economic Hardship Deferment
• Concurrent Deferment
• Hardship Deferment (available only for loans made before July 1, 1993)
• Service comparable to the Peace Corps/ACTION Volunteer Deferment
• Temporary Total Disability Deferment
• Internship/Residency Deferment
• Parenting Deferment (available only for loans made before July 1, 1993)

Cancellation of Loan Repayment 
There are cases where your loan will be canceled-for example, if you die or become totally and permanently disabled. Other conditions are listed below:

• Teaching Cancellation
• Early Intervention Services Cancellation
• Law Enforcement or Corrections Officer Cancellation
• Nurse or Medical Technician Cancellation
• Child or Family Service Agency Cancellation
• Headstart Cancellation
• Military Cancellation
• Volunteer Service Cancellation

For more information and related forms for the aforementioned item , please visit the loan servicer's web site for borrowers: www.heartlandecsi.com.