Need to complete your Federal Perkins Entrance Counseling?

Entrance  

• Eligibility
• Loan Limits
• Promissory Note
• Entrance Interview
• Disbursement
• Borrower's Responsibilities - Repayment
• Eligibility Chart

ELIGIBILITY

Eligible students filing the Free Application for Federal Student Aid (FAFSA) by Miami's priority deadline will be considered for a Federal Perkins Loan. A Federal Perkins Loan is a low-interest (5 percent), fixed rate, subsidized loan for both undergraduate and graduate students with financial need. The loan is made with government funds and the school contributes a share. To be eligible for this loan, you must be enrolled at least six credit hours per semester.

Because the amount of federal funding is limited, Miami will only give consideration of awarding the Federal Perkins Loan to undergraduate students who demonstrate exceptionally high financial need.

YEARLY LOAN LIMITS

The maximum amount an eligible student may borrow is $4,000 per award year for a student who has not successfully completed a program of undergraduate education, or $6,000 per award year for a graduate or professional student.

AGGREGATE LOAN LIMITS

The maximum aggregate (lifetime) amount an eligible student may borrow is:

1. $20,000 for an undergraduate student who has completed two academic years and is pursuing a bachelors degree.
2. $40,000 for a graduate or professional student, including loans borrowed as an undergraduate student.
3. $8,000 for any student who has not completed two academic years of undergraduate work.

PROMISSORY NOTE

The Perkins Master Promissory Note (MPN) is a legally binding document that is evidence of a borrower's indebtedness to a school. The Master Promissory Note is a promissory note under which the borrower may receive loans for a single award year or multiple award years. This MPN authorizes the university to disburse subsequent Perkins loans during the multi-year term of this MPN upon determination of loan eligibility. The note also includes information about the loan's interest rate, repayment terms, and minimum rates of repayment, deferment, forbearance, cancellation provisions, credit bureau reporting, late charges, attorney fees, collection costs, and consequences of default. A student must sign this note before he or she can receive any Perkins loan funds.

ENTRANCE COUNSELING

Students borrowing their first Federal Perkins loan must complete an Entrance Counseling. The Entrance Counseling discloses important information regarding your rights and responsibilities concerning this loan. Failure to complete the Entrance Counseling will prevent your loan from disbursing.

DISBURSEMENT

Loan disbursements will be applied to the student's Bursar account. A check may be payable to the student if the loan disbursement is in excess of the amount owed to the university.

You may cancel all or a portion of your loan after the funds have been credited to your student Bursar account by notifying us in writing within 30 days after the date of the disbursement notice.

If you are a returning student, your loan must be accepted and any outstanding requirement completed prior to loan disbursement. You may accept your loan and also view outstanding requirements by accessing BannerWeb.

REPAYMENT

If you are attending school at least half time, you have nine months after you graduate, leave school or drop below half-time status before you must begin repayment. The amount borrowed must be repaid within ten (10) years after the date on which repayment begins, unless that period is shortened or extended by specific provisions of the Promissory Note. The minimum quarterly payment will be at least $120.00 or $40.00 per month. It may be more if the amount borrowed is sufficient to require larger quarterly payments.

The Federal Perkins Loan is administered by Student Account Services with billing by Educational Computer Systems, Inc. (ECSI). More information can be obtained regarding repayment by calling ECSI at (888)549-3274, by visiting www.ecsi.net or by visiting www.muohio.edu/bursar.

PREPAYMENT

The borrower may prepay all or any part of the principal plus any accrued interest at any time without penalty. If you prepay more than the amount due for an installment, the excess will be used to repay principal unless you designate it as an advance payment on the next regular installment.

FORBEARANCE AND DEFERMENT

The Federal Perkins loan program offers a variety of forbearance and deferment options. Borrowers must request forbearance in writing, providing supporting documentation of the reason for forbearance. Schools may grant the borrower forbearance for a period up to one year at a time. The forbearance may be renewed but cannot exceed three years.

A borrower who requests deferment must provide the school with the information and documents the school requires by the school's deadlines. To learn more about your options for filing a forbearance or deferment, visit www.ecsi.net . You may also call the billing service representative at (888) 549-3274.

EXIT INTERVIEW INFORMATION

You must report any of the following to Miami University, Office of the Bursar, 301 S. Campus Avenue, Room 107, Oxford, Ohio 45056-3439:

• withdrawal from school
• transfer to another school
• drop below half-time enrollment status
• name or social security number changes
• address change or your parent(s) address changes

ELIGIBILITY CHART

LOANS	Amount	Who is Eligible	How to Apply	Interest Rate and Repayment
Federal Perkins Loan	Typical Award is $1,500	US citizens or permanent residents demonstrating financial need	Submit FAFSA by Feb. 15	5%-Begins 9 months after student leaves school.
Federal Direct Subsidized Loan	Max loan limits are $5,500 for freshmen (only $3,500 may be in subsidized loan), $6,500 for sophomores (only $4,500 may be in subsidized loan), $7,500 thereafter (only $5,500 may be in subsidized loan). Independent students may be eligible for $4-5,000 in additional loan funds.	US citizens or permanent residents demonstrating financial need	Submit FAFSA	Fixed rate - Begins 6 months after student leaves school.
Federal Direct Unsubsidized Loan		Students who have not received the max Federal Direct Subsidized Loan. Independent students may have additional eligibility.	Submit FAFSA	Fixed rate - Begins 6 months after student leaves school. Interest accrues while in school.
Federal Direct Plus Loan	Up to the cost of education less aid received	Parents of dependent students	Submit FAFSA and loan application	Fixed rate - Begins 60 days after entire loan is disbursed or 6 months after student leaves school.
Federal Direct Graduate Plus Loan (Grad Plus)	Up to the cost of education less aid received	Graduate students	Submit FAFSA and loan application	Fixed rate - Begins 60 days after entire loan is disbursed. In-school deferment options are available.