A Federal Perkins Loan is a low - interest (5 percent) loan for students. Federal Perkins Loans are made through the school's financial aid office. Mohawk Valley Community College is your lender, and the loan is made with government funds. You must repay this loan to Mohawk Valley Community College.
To receive a Federal Perkins Loan, you must meet the eligibility requirements for federal aid.
How do I apply?
To be considered for a Federal Perkins Loan, you must fill out your FAFSA by an established filing deadline and indicate on it that you are applying for a Federal Perkins Loan. The College receives a fixed amount of money each academic year to make Federal Perkins Loans. Once this money is awarded, there is no more available for that academic year. Federal Perkins Loans are awarded on a first-come, first-served basis. You are encouraged to file your FAFSA early.
If you accept the Perkins Loan, the Financial Aid office will mail you a Master Promissory Note. You need to complete the promissory note and return it to Financial Aid.
How much can I borrow?
Unlike other educational loan programs, you cannot request to borrow a specific amount of money. The amount you receive depends on your financial need and the amount of money the school has for the program.
How many credits do I have to take to get a Federal Perkins Loan?
You must register for and maintain an enrollment status of half-time (6 credits or equated credits) or greater to be eligible to receive your loan.
You have a nine month grace period after you graduate, leave school, or drop below half-time status before you must begin repayment.
Perkins loans are repaid quarterly, which means every three months. The payment is $120.00.
The college uses ACS to service our Perkins loans. They can be reached 1-800-826-4470.
Payments can be made online; you will need to set up a user account.
Pay by mail:
ACS, Inc. – Education Services
Campus Products and Services
P.O. Box 7061
Utica, NY 13501
Deferment, Postponement and Cancellation
IMPORTANT: Perkins loans require separate deferment paperwork and will not be included in deferments placed on other loans.
Please visit the ACS deferment site for information and to print deferment forms.
If you default, it means you failed to make payments on your Perkins loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Here are some consequences of default:
• National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house.
• You will be ineligible for additional federal student aid if you decide to return to school.
• You will have to pay late fees and collection costs on top of what you already owe
• You can be sued.
• A hold will be placed on your student account which will prevent you from receiving transcripts and scheduling for future semesters.
Perkins loans can be consolidated with Stafford loans through Direct Loan Consolidation. The phone number is 1-800-557-7392. You must specify that you have a Perkins loan or it may be overlooked.
Once you are no longer attending the college or are enrolled less than half-time, you will receive your Perkins exit interview packet in the mail. The Perkins exit interview is not the same as the online exit interviews that are completed for Stafford loans.
To access information about all of your federal loans, go to www.nslds.ed.gov.
Questions regarding Perkins loan eligibility?
Please contact Financial Aid at:
Questions regarding a Perkins loan you have with Mohawk Valley Community College?
Please contact ACS at: