Once the Office of Financial Aid has awarded you a Perkins Loan, the Master Promissory Note (MPN) must be signed

Once the Office of Financial Aid has awarded you a Perkins Loan, the Master Promissory Note (MPN) must be signed

The Federal Perkins Loan Program includes Federal Perkins Loans, National Direct Student Loans (NDSLs), and National Defense Student Loans (Defense Loans– these have not been issued since July 1st, 1972, but there are a few still in repayment). Perkins Loans and NDSLs are low-interest (currently 5%), long-term loans made through school financial aid offices to help needy undergraduate and graduate students pay for postsecondary education.

Once rehabilitation is completed on your loan, your account will be returned to current status and all prior negative credit history will be removed

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The United States Department of Education has created an Addendum to the Perkins Loan Promissory Note to notify you of additional benefits available. Florida State University is making this information available to all students who have borrowed a Perkins Loan and are: Enrolled, in Grace Period, or in Repayment. To read the official notification sent to all Perkins students, and to read the Addendum for yourself, please download our Perkins Loan Addendum below:

If you are interested in obtaining a Perkins Loan, please contact the FSU Office of Financial Aid for requirements and availability.

You will be sent an email message when your MPN is available. Typically, MPNs are made available the week before each semester starts. If a Perkins Loan is awarded after the semester has started, the MPN will be available within 3-5 business days.

To sign the MPN, please follow the link provided in the email notification that you received from Financial Aid. You will be directed to our MPN processor Heartland/ECSI to complete the process. You will need your FAFSA PIN to complete the electronic signature portion of the MPN. Please also check your Financial Aid Student ToolKit to verify that all other requirements, such as Loan Entrance Counseling, have been completed.

The United States Department of Education’s National Student Loan Data System lists all loans for all students. This site will list all of your loans from all schools that you have attended, including the lender, status of the loan, and amount owed. It is available through your Financial Aid ToolKit, at or by calling (800)4-FED-AID. Your FAFSA PIN will be required to access personal information.

When enrollment drops below half-time status due to graduation or withdrawal, the grace period begins. The first grace period on a Perkins Loan is nine (9) months and any additional grace period after deferment is six (6) months in length. You will receive three (3) notices from ECSI during your grace period with information that details when your repayment will start and the amount that will be billed each month.

In order to be eligible for an In-School deferment, enrollment must be at least half-time and certification of enrollment on school’s letterhead or with school’s seal on deferment form needs to be provided. The certification of enrollment obtained from your Registrar’s office will need to include starting and ending dates and status level (full-time, half-time, etc.) for semester/quarter enrolled.

During Deferment, principal and interest are not billed or due. During Forbearance, principle is not due, but interest continues to accrue. Forbearance Interest may be paid monthly or at the end of the Forbearance period. Up to 12 months of deferment or forbearance may be requested at a time. Borrowers are eligible for up to 36 months of forbearance and each type of deferment.

continue to Download forms’ then scroll to Economic Hardship Deferment or Forbearance’ and click on the drop down to select School Not in List-Use Standard Form.’

For example, for the Unemployment Deferment, provide documentation that you are receiving unemployment benefits or are working with an employment agency.

The Cancellation Request Form is available at Go to Download Forms’ then scroll to and click Click Here for All Deferment/Cancellation Forms’ and click on the appropriate career service area. Only full-time employment qualifies for cancellation.

The process is as follows: When employment begins, submit the Cancellation Request Form completing the “Deferment in Anticipation of Cancellation” section and having your employer certify the form with official seal or attach certification on letterhead. The certification must include starting (and ending, if applicable) date, job title/description, and employment status.

Percentage of the loan cancelled for each year of service varies depending on the type of cancellation

Once documentation is received and approved, the loan is placed in deferment for a full calendar year (for example 9/1/14 to 9/1/15). After the calendar year has been completed, the cancellation form and certification of employment need to be submitted again to cancel the year worked and defer the coming year. Documentation is submitted each year until the loan is cancelled in full or eligible employment ends.

Loan rehabilitation is a special type of payment arrangement developed by the federal government to assist student loan borrowers. Rehabilitation consists of nine on-time monthly payments. Rehabilitation may only be completed one time on a Perkins Loan. Please contact FSU for more information on rehabilitation.

If interested in consolidating a Perkins Loan with Stafford Loans, visit to complete a Direct Consolidation Loan application. This program is run by the US Department of Education. Their contact information is (800) 557-7392 and . Keep in mind that when your Perkins Loan is consolidated you forfeit all cancellation and other benefits of your Perkins Loan.

  • Account # is the same as SSN, our school code is P6, and you will need your Heartland Key which can be found on your billing statement or by contacting Heartland ECSI.

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