Federal Perkins Loan
This is a federally subsidized, fixed low-interest, student loan from the federal government, Emmanuel College and repayments from previous borrowers. Eligibility is determined by the Office of Student Financial Services and is based upon the information provided on the Free Application for Federal Student Aid (FAFSA). This loan is awarded to students with exceptional financial need and is limited by the availability of funds in our Federal Perkins Loan program. Notification of eligibility of this loan will appear on your award letter.
- Interest Rate: 5% fixed
- Maximum Undergraduate Annual Loan Amount: $5,500
- Interest Charged While Enrolled at Least Half-time: No
- Repayment of principal and interest: Begins nine months after no longer enrolled at least half-time.
The maximum cumulative Federal Perkins Loan amount for an undergraduate student who has completed two academic years and is pursuing a bachelor's degree is $27,500. The aggregate loan limits include only the unpaid principal balance. You may view all of your federal loans on the National Student Loan Data System website at www.nslds.ed.gov.
All first time borrowers of this loan at Emmanuel College must complete a Master Promissory Note (MPN) and entrance counseling. All first time borrowers for the fall 2013 semester will be notified via email in September when these required documents are available to complete.
The loan proceeds will be processed through the Office of Student Financial Services. Funds will be disbursed to the student's account only after the completion of the MPN and Entrance Counseling.
While Emmanuel College is the lender for this loan and holds the MPN, we have hired ACS to complete the servicing of this loan. The student borrower may view account information with them online at www.acs-education.com.
All students are required to complete an exit counseling prior to withdrawing, dropping below half-time status or graduating. Please contact our office at 617-735-9938 or via e-mail at email@example.com.