FAQ - Current/Prospective Students

FAQ - Current/Prospective Students

What is a Federal Perkins Loan?

A Federal Perkins loan is a low-interest, long-term loan made through the Financial Aid Office to help needy undergraduate and graduate students pay post secondary educational costs. The current interest rate is 5%. Funds are administered on a revolving basis which means: while continually making loans to students, we are also receiving payments made on earlier loans. This is why it is critical for all students to repay their loans in order for other needy students to receive the same opportunity.

Who do I contact to see if I qualify for a Federal Perkins Loan?

The Financial Aid Office, located in 224 South Hall, determines student eligibility for a Perkins loan. Awards are granted based on student financial need and the amount of Perkins funds available.

How am I notified if I'm eligible to receive a Federal Perkins Loan?

By July of each year students will receive, at their home mailing address, a Financial Aid packet identifying all aid they are eligible to receive. If you are eligible for a Federal Perkins loan you will receive, by the end of July, a letter with instructions to complete a Master Promissory Note, a Personal Data Sheet and a Statement of Rights and Responsibilities, electronically through our third party billing agency's website, Educational Computer Systems, Inc. (ECSI).

What are my responsibilities in order to receive the scheduled Federal Perkins Loan?

You must complete the Federal Perkins Loan Master Promissory Note, Personal Data Sheet, and sign the Statement of Rights and Responsibilities form.

Once the Perkins Loan Office has received the required Federal Perkins Loan information, when may I expect to receive credit on my student account?

The first disbursement, each semester, occurs at the end of the second week of classes. If you miss the first disbursement, subsequent disbursements are made at two week intervals.

What are my responsibilities after signing the Federal Perkins Loan Promissory Note?

A Perkins loan is a serious obligation. It is extremely important that you understand your rights and responsibilities. You will be asked to sign electronically a Statement of Rights & Responsibilities form. By signing this statement, it means you understand your responsibilities and agree to honor the statement. To view the contents of this statement click here. This signed statement will become part of your Perkins loan file and will remain on file until your Perkins loan is paid in full.

What must I do if I have received a Perkins Loan and later decide not to return to Mansfield University?

As indicated in the Statement of Rights & Responsibilities, students must notify the Perkins Loan Officer when you drop below half-time or do not return. You will be sent "exit interview" materials which must be filled out, signed, dated and returned electronically via our third party billing agency, Educational Computer Systems, Inc. (ECSI) to the Perkins Loan Office. At this point, you should read informational items found on the FAQ - Former Students page.

If you have questions not addressed here, please e-mail the Perkins Loan Office and we will be happy to answer them for you.