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Federal Perkins Loan

(www.ECSI.net/prom95

)

A Federal Perkins Loan is a 5% fixed-rate loan

that is administered by the College for students who

demonstrate financial need.

If your award letter indicates that you are eligible

for a Perkins Loan and you wish to accept this loan,

you will need to complete a Master Promissory Note.

Students can complete the Master Promissory Note

online at

www.ECSI.net/Prom95 .

The U.S. Department of Education requires

all first-time Federal Perkins Loan borrowers to

complete a loan counseling session prior to receiving

their first disbursement. The loan counseling session

will inform you of your rights and responsibilities

as a Federal Perkins Loan borrower. Students can

complete an online loan counseling session at

www.ECSI.net/prom95

.

Repayment of the loan is deferred until nine (9)

months after you graduate or cease to be enrolled on

at least a half-time basis, whichever comes first.

Interest accrues in the student’s name beginning in

the 10th month after the student ceases to be enrolled

on at least a half-time basis.

Billing is handled by an outside agency; however,

payments are made directly to Lycoming College on

a monthly basis. The maximum repayment period

is 10 years. There is no penalty for prepayment of

the loan.

For more information regarding the Federal

Stafford or Federal Perkins Loan programs, please go

to

http://studentaid.ed.gov/types/loans.

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