Federal Perkins Loan
- Federally funded (limited funding)
- 5% fixed interest rate
- Awarded to students with exceptional need
- This loan must be repaid to EMU.
- Fill out FAFSA each year of attendance. Once completed, Office of Financial Aid will determine eligibility.
- Exceptional need defined by EFC minus EMU cost of attendance
- Perkins may be adjusted or canceled if EFC changes or if you receive additional resources
- Requires completion of the federal Perkins master promissory note (MPN)
- 2017-18 Perkins Loan Disclosure Statement [PDF]
If student is packaged with a Perkins Loan, the borrower will need to accept the award online and complete the Perkins Loan Promissory Note and Perkins Loan entrance counseling.
Further instructions are provided in the Perkins Loan MPN Loan Online Directions document [PDF].
- Repayment deferred and interest waived while enrolled at least half-time
- You will begin repayment nine months after you cease to be enrolled at least half-time. During this nine-month "grace period" interest will not accrue on loan. Once the grace period expires, your loan will accrue interest and you will begin to repay your loan.
- If you drop to less than half-time, withdraw, drop out, graduate or simply do not return to school, this information will be reported to the loan servicer and they will begin to count your grace period. ECSl will send out an email (after the 100% drop in semesters) informing the borrower an Exit is required, and where to find form.
- Payments will be made to Eastern Michigan University (holder of the loan)
- Payments will be made through ECSI.
- For information about federal Perkins loan deferments or cancellation of your loan, visit the ESCI website.
- To obtain information about consolidating your federal Perkins loan with your federal direct loans, visit the government loan consolidation site or call 1.800.557.7392. Federal consolidation allows you to refinance all of your federal loans into one loan and you will have one payment each month.
- It is important that you maintain a "very important papers file" and keep copies of your award notices and your MPN in one place as they provide the details of your loans, and your rights and responsibilities as a student loan recipient.
Perkins Loan Exit Counseling
As a student loan recipient, you are required to be exited automatically when you graduate, drop below a half-time (6 hours) enrollment status, withdraw from all of your classes, stop attending, or transfer to another school. Exit counseling helps you to understand your rights and responsibilities as a Perkins Loan borrower.
An email notification of your Exit will be sent to your preferred email address on file from Heartland ECSI to complete your Perkins Loan Exit Counseling, if your enrollment status results in any of the above circumstances. You can contact the Perkins Loan Office at 800.813.3479 or Heartland ECSI at 888.549.3274 to have your exit mailed.
- Deferment and cancellations forms for a Perkins Loan can be found in the Perkins Loan section of our forms library. Once completed, forms should be returned to ECSI, 181 Montour Run Road, Coraopolis, PA 15108.
- Forbearance, Economic Hardship, and Unemployment deferment forms should be sent to the Perkins Loan Office, Eastern Michigan University, 203 Pierce Hall, Ypsilanti, MI. 48197.
Educational Computer Systems, Inc. (ECSI) is a full service company used by the Perkins Loan Department at Eastern Michigan University to assist borrowers while enrolled, in grace, and in repayment until the Perkins Loan is paid in full. ECSl's address is 181 Montour Run Road, Coraopolis, PA 15108 and their phone number is 888.549.3274. ECSl will refer borrower to the Perkins Loan Department at Eastern Michigan University for additional assistance, if necessary, at 800.813.3479.
For more information, visit the Frequently Asked Questions (FAQs) page on the ECSI website.