Federal Perkins Loan
What is a Perkins Loan?
The Federal Perkins Loan is a federal loan with a 5% interest rate. Through the Perkins Loan Program, the United States government provides participating schools with funds which can be lent to students. All Perkins loans must be repaid in full so that the school can continue to award these loans. Your Perkins Loan will not be included with loans that you borrowed from outside lenders. Educational Computer Systems Inc. (ECSI) is the servicer for your Perkins Loan and will send you statements and correspondence in regards to this loan.
What do I need to do after I graduate?
Shortly after your graduate, or are no longer enrolled in at least 6 credits, you will receive an Exit Letter with login credentials for www.ecsi.net and instructions on how to complete your Exit Interview. All borrowers must complete an Exit Interview which will reintroduce you to the terms and conditions of the loan as outline in your Promissory Note. Please note that you are responsible for updating your address with ECSI after you leave Point Park University.
When will my loan go into repayment?
Repayment will begin 9 months after you have graduated or are not enrolled in at least 6 credits. The typically monthly payment for a Perkins Loan is $40. All payments will be made to ECSI. This can be done electronically or you may choose to mail your check payable to Point Park University to:
181 Montour Run Road
Coraopolis PA 15108-9408
What if I cannot pay my perkins loan when repayment begins?
It is very important to keep your Perkins Loan current. Missing payments and allowing your loan to become delinquent can have negative financial and legal consequences. If you cannot make the required monthly payments to your Perkins Loan, you may be eligible for a deferment or forbearance. These must be applied for before your loan becomes delinquent. Below are some of the reasons that a borrower may be eligible for a deferment or forbearance:
- Enrolling in at least 6 credits at a college or university
- Economic Hardship
- Active Military Duty
- Poor Health
You may also be eligible for a cancellation of your loan if you are employed in certain military, education or medical professions. Further information about deferments, forbearances, and cancellation, as well as necessary forms can be found on www.ecsi.net.
181 Montour Run Road
Coraopolis, PA 15108
If you have any questions please contact:
Director of Student Accounts