About the Perkins Loan
The Federal Perkins Loan is a low-interest (5%) need based loan available to both undergraduate and law students. It is subject to availability and your financial need. Awards are packaged by the Financial Aid Office and then administered through the Student Loan Office. This means that American University is your lender for the Perkins Loan.
If there is a lapse in enrollment greater than nine months or a student has graduated and will not continue their academic program the following semester, a borrower is considered to have “separated” from the university and must complete an exit interview. The exit interview is a Federal requirement and failure to do so will result in a “restriction/stop” being placed on a student’s account and will prevent obtaining a transcript or diploma. Please note that this requirement is separate from the exit interview that is online for your Direct Loans. For the Perkins loan exit interview process, you must contact the Student Loan Office.
Once a student leaves school, drops below half time status or graduates you have a grace period of nine months before you have to start paying back your Perkins Loan. The billing service used to send bills and correspondence is Campus Partners. They process payments, deferment forms and payment inquiries. Their website www.mycampusloan.com offers web based access to your Perkins Loan information as well as the tools to manage the loan online. Borrowers can use this site to view their current and past payment information, receive electronic billing notices, make a payment through a wide variety of payment methods, obtain important news and other information, and download needed forms.
Once in repayment, Perkins Loans are eligible for deferment, forbearance and cancelation. Perkins Loans that go into default are eligible for acceleration (entire balance becomes due at once), fees, collection costs, wage garnishment and assignment to the Department of Education.
The University does have a program to assist students who may have fallen into default called the Perkins Loan Rehabilitation Program. This program allows students to enter into a new repayment arrangement and after 9 consecutive on-time monthly payments, all derogatory credit reporting is removed. After 6 months of payments, borrowers are eligible to have their stops removed from their account and their default (not credit) information updated with NLSDS.
Requirements/Disclosures for Perkins
New Perkins Borrowers
Before the University can disburse loans, students must complete the following items listed below.To complete this process, go to http://ipromise.campuspartners.com.
1. Complete Federal Entrance Counseling
2. Complete the Loan Interview Questionnaire
3. Sign your Master Promissory Note (MPN)
4. Total Loan Indebtedness Disclosure (TLID)
Here students will be instructed to complete the following below.
- Entrance Counseling/Loan Interview Session
- An Online Master Promissory Note (MPN). Students will use their FSA pin to sign the MPN. If a student has forgotten their FSA pin, the student may access the federal student aid website to obtain a duplicate pin number at www.pin.ed.gov
- Total Loan Indebtedness Disclosure (TLID)
Returning Perkins Borrowers
Before the University can disburse loans,students must review their Total Loan Indebtedness Disclosure Statement (TLID). To complete this process, go to http://ipromise.campuspartners.com. Here students will be presented with their Total Loan Indebtedness Disclosure Statement (TLID). In order to completethe TLID presentation, please follow the instructions on the website.
Exit Loan Counseling
Federal regulations require that institutions offer exit counseling to federal student loan borrowers who are graduating, withdrawing from the university, or dropping below half-time enrollment. Exit counseling covers:
- Borrower's rights and responsibilities
- Loan repayment
- Consequences of default
During exit counseling, borrowers are also required to provide updated personal information, such as address, telephone number, and employment.
To complete exit counseling/exit interview for a Federal Perkins loan, please visit: mycampusloan.com
AU Central, Asbury 201
Office Hours: M-F 9:00 am-5 pm
Main Line: 202-885-8000
Fax Line: 202-885-1477