The Federal Perkins Loan Program provided money for college students with exceptional financial need. Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.
For students with existing Perkins loans, repayment begins nine months after graduation, upon withdrawal from the university, or when a student is no longer enrolled at least half-time. Interest accrues at an annual rate of 5% during repayment. The minimum monthly payment for a Perkins Loan is $40.00. Late fees are assessed on past due payments. Your loan balance and repayment history are reported monthly to National Credit Bureaus in accordance with federal regulations.
Upon graduation, withdrawal from the university, or when a student drops below half-time status, students are required to complete an exit interview. To complete an exit interview, go to www.mycampusloan.com. An FSA ID is need to complete your exit interview. If an exit interview is not completed, a hold will be placed on the student record. This hold will restrict access to grades, academic transcripts, future registration and graduation.
Repayment can be deferred if you are enrolled at least half-time at an eligible institution and for performance of certain services. To receive information regarding different types of deferments and cancellations, visit www.campuspartners.com. To make payments, monitor loans, or update profile, visit www.mycampusloan.com.
If you need further assistance concerning your Perkins Loan, please call (478) 825-6522 or contact us at email@example.com.