Financial Aid

Perkins Loans for Current Undergraduate Students


The Federal Perkins Loan Program provides low interest loans for full-time students with the most financial need. There are limited Perkins Loans available; therefore, only the most needy students receive these loans. Recipients are selected at the sole discretion of the Office of Financial Aid.

Loan Amount

Undergraduate Students

Maximum Loan Amounts Interest Rate
Undergraduate Students: $4,000 5.0%

Eligibility

Federal Perkins Loans are available for students who complete a financial assistance application and are determined eligible by the Office of Financial Aid.

If you have not received a Perkins Loan on your award information via eCommon, please contact the Office of Financial Aid  to determine if you qualify.

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Disbursement

Before a Perkins Loan can be disbursed to a student account, the student must complete a Master Promissory Note, Statement of Rights and Responsibilities, and Entrance Interview. These are completed online through our billing servicers, Educational Computer Systems, Inc. (ECSI).

The student must review the information, successfully pass a quiz regarding the Federal Perkins Loan, and electronically sign the documents before the loan can be disbursed. This is an electronic process; documents are only available for the student to complete as the Federal Perkins Loan is a student loan taken out in the student's name.

If a parent or guardian wants to have access to student records regarding the loan, the student must submit written permission to the Perkins Loan coordinator at:

Emerson College
ATTN: Perkins Loan Coordinator
120 Boylston Street
Boston, MA 02116

The Master Promissory Note only needs to be completed one time while you are enrolled at Emerson College. If you are a student and have been notified that you need to complete the Federal Perkins Loan Master Promissory Note, Statement of Rights and Responsibilities, and Entrance Interview, please follow the link to our billing servicers: ECSI.

If you have concerns or questions regarding the Federal Perkins Loan, please contact the Perkins Loan coordinator at 617-824-8216.

About ECSI

Emerson College uses Educational Computer Systems, Inc. (ECSI) as billing servicers for the Federal Perkins Loan. ECSI will collect future payments, process deferments, forbearance and cancellations, and answer all questions regarding Perkins Loan billing. For more information on ECSI, please visit its website. It can also be reached at 1-888-549-3274.

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Repayment

The Federal Perkins Loan is a student loan that must be repaid. The interest rate for Perkins is fixed at 5%. Repayment of this loan begins nine months after the student ceases to be enrolled at least half-time (8 credits for undergraduates). During your grace period and while you are in school at least part-time, interest will not accrue and no payments are required. Please keep in mind that your Perkins Loan is separate from your Direct Loan. 

You will be billed on a quarterly basis for these loans. It is your responsibility to make sure the billing agent has your current address. Our billing agent/servicer is:

ECSI (Educational Computer Systems, Inc.)
181 Montour Run Road
Coraopolis, PA 15108
888-549-3274

Late payments are subject to late fees and reported to a national credit bureau. Consult your promissory note for a complete listing of your rights and responsibilities.

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Deferments

Under certain circumstances a borrower is entitled to have repayment of the Perkins Loan deferred. During deferment, the borrower is not required to pay the loan principal and interest does not accrue. After each deferment, the borrower is entitled to a post-deferment grace period of six consecutive months. Below are examples of circumstances for deferment:

  • In-School Deferment: A borrower may defer repayment of a Perkins Loan if enrolled at least part-time in an eligible school.
  • Military Service Deferment: Eligible borrowers may receive the deferment on all outstanding FFEL, Direct Loan, and Federal Perkins Loan programs in repayment on October 1, 2007, for all periods of active duty service that include that date or begin on or after that date.
  • Active Duty Service Deferment: For members of the National Guard or Armed Forces Reserve, and members of the Armed Forces who are in a retired status, who are called or ordered to active duty service.
  • Seeking full-time employment: A borrower may defer repayment on a Perkins Loan up to three years, regardless of disbursement date and contrary provisions on the promissory note, if the borrower is unable to find full-time employment while actively seeking it. Schools determine what documents the borrower must provide to apply for this deferment.
  • Economic hardship: A borrower is entitled to an economic hardship deferment for periods of up to one year at a time, not to exceed three years cumulatively, if the borrower provides the school with satisfactory documentation.

Please contact ECSI for more details.

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Forbearance

Forbearance is usually a temporary postponement of payments. The borrower may request smaller payments than previously scheduled or a time extension for making payments. Unlike deferment, interest continues to accrue during any forbearance period.

Schools may grant forbearance to borrowers who experience financial hardship, poor health, or other acceptable reasons. Schools may grant the borrower forbearance for a period of up to one year at a time. The forbearance may be renewed but cannot collectively exceed three years. Please contact ECSI for more details.

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Loan Cancellation & Forgiveness

Loan Cancellation and Forgiveness is available to borrowers who complete qualifying public service, teach in federally approved areas, have died, or have become permanently and totally disabled. Please contact ECSI for more details.

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