Federal Perkins Loans
A Federal Perkins Loan is a low-interest (5 percent) fixed-rate loan for undergraduate and graduate students enrolled at least half time. The loan is made with government funds, previously allotted to CSU, Chico. Because Congress has not authorized new Perkins funds for some years, CSU, Chico borrowers who are now repaying their loans provide the current funds available. Since total funds are extremely limited, CSU, Chico does not include Perkins loans in estimated award offers. In order to receive Perkins, students must have exceptional need, as determined by a financial aid advisor.
How to Apply
Eligibility is determined by the EFC, as calculated by the FAFSA, enrollment requirements, and exceptional need.
Interest Rates and Processing Fees
Interest rates for Perkins loans are fixed at five percent and zero percent interest is charged while the student is enrolled at least half time. There are no processing fees for the Perkins loan.
Perkins Loan borrowers at CSU, Chico must complete and submit a Perkins Master Promissory Note, which is a promise to repay loan funds.
Information for Perkins Loan Recipients
All Perkins loans disbursed at CSU, Chico are managed by CSU, Chico Student Financial Services and Educational Computer Systems, Inc. (ECSI). ECSI will provide entrance counseling for first-time Perkins borrowers, and process the Perkins Master Promissory Note (MPN). Students may view their promissory note and loan balance, authorize payments and update banking information, change their address, download deferment and other forms, and more on the ECSI Web site. When repayment begins, ECSI will accept payments and oversee loan accounts until loans are paid in full. Contact information for ECSI:
Educational Computer Systems Inc.
181 Montour Run Road
Coraopolis, PA 15108
Perkins borrowers may receive help in managing their loans from Collection Representatives in Student Financial Services, Student Services Center 230. When leaving CSU, Chico or dropping to less than half–time enrollment, Perkins borrowers are required to contact the Collection Representatives to complete Perkins Loan exit counseling.
When students graduate, leave school, or drop below half-time enrollment, they have a nine-month grace period before repayment of Perkins Loans. Exit counseling is required when leaving CSU, Chico.
Federal Perkins Loan recipients do not have to make payments while enrolled at least half-time in an accredited school of higher education. This period of deferment is one of four available. There are also a number of provisions for Perkins Loan forgiveness for employment in certain fields, including law enforcement, teaching in low-income schools, nursing, and volunteer service such as the Peace Corps. Complete details on deferments, cancellation, and repayment are provided on the Perkins Master Promissory Note and through Student Financial Services. Also see our Web site section on Loan Forgiveness.