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 atwww.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 atwww.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
For more information regarding the Federal
Stafford or Federal Perkins Loan programs, please go