Northern Arizona University

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New Perkins Borrowers

Promissory Note and Entrance Counseling
Terms and Conditions of the Perkins Loan

Perkins Borrowers Leaving NAU

Exit Counseling
Repayment Information
Deferment
Forbearance
Cancellation
Contact us

How Much Have I Borrowed?

New Perkins Borrowers

Promissory Note and Entrance Counseling

Students awarded a new Federal Perkins Loan must complete two steps in order to receive the loan:

• Sign a Master Promissory Note
  
• Complete entrance counseling online

Master Promissory Notes are available to students on LOUIE.  Please e-mail Perkins@nau.edu with any questions regarding this process. Entrance counseling must be done online at: Perkins Entrance Counseling

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Terms and Conditions of the Perkins Loan

The Federal Perkins Loan is available to both undergraduate and graduate students and is awarded by the Office of Student Financial Aid on the basis of need. Funds for the Perkins Loan come from the federal government, and Northern Arizona University is the lender. The Perkins Loan is a subsidized loan; the government pays the interest on the loan while the borrower is in school. When borrowers leave NAU or drop below six credit hours in the fall or spring, they must complete exit counseling for the Perkins Loan. Students have a nine-month grace period on the loan after they leave school, and interest does not accrue during this grace period. There are no origination fees when the loan is disbursed.

It is the borrower’s obligation to keep the lender (Northern Arizona University) informed about changes in his or her status. Changes to a borrower's name, address, phone number, or Social Security number must be reported immediately.

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Perkins Borrowers leaving NAU

Exit Counseling

All Perkins loan borrowers must complete exit counseling when they do any of the following:

• graduate from Northern Arizona University
• drop below six credit hours for the Fall or Spring semester
• withdraw from Northern Arizona University at any time
• transfer to another school

Graduate students who drop below six credit hours and are enrolled in thesis or dissertation coursework will have their loan deferred. Exit counseling is not required for these students until they stop taking thesis or dissertation coursework.
To Start exit counseling, go to Perkins Exit Counseling

After reviewing the terms of Perkins loans in general, you will be given a quiz and asked to enter information about yourself. We will then mail you information about your particular loan, along with a loan disclosure statement, which you must sign and return. Note that the exit counseling required for the Perkins loan is separate from the exit counseling required for William D. Ford Direct Loans. 

If you have questions regarding loan repayment or the exit counseling procedure, e-mail  Perkins@nau.edu.

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Repayment Information

All Perkins loans must be repaid within ten years. The minimum monthly payment is $40.00; the actual amount the borrower will pay depends on the total amount borrowed. There is no penalty for paying off the loan early. Students may check on their total amount borrowed for all loans, including Perkins, on the web site for the National Student Loan Clearinghouse.

NAU uses ECSI as a billing service for Perkins loans.

ECSI phone: 888-549-3274
Fax: 866-291-5384
Email: cservice@ecsi.net
Web: www.ecsi.net

Online account management:  mycampusloan.com.

Mailing address:

ECSI
181 Montour Run Road
Coraopolis, PA  15108

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Deferment

A deferment allows the borrower to cease making payments on a Perkins loan. Interest on the loan does not accrue during the deferment period. Deferments are available for borrowers who are:

• Enrolled and in attendance as a regular student in at least a half-time course of study in an institution of higher education.
• Enrolled and in attendance as a regular student in an approved fellowship program or approved rehabilitation training program for disabled individuals. (This does not include a medical internship or residency program, except a residency in dentistry.)
• Engaged in services which are eligible for Cancellation benefits (see below.)
• Serving in a residency program in dentistry.

Complete the online deferment form.
Click on "Downloadable Forms".

E-mail questions to Perkins@nau.edu.

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Forbearance

A forbearance also allows the borrower to cease making payments on a Perkins loan. Interest on the loan accrues during the forbearance period. Borrowers may pay this interest during the forbearance period, or in a lump sum at the end of the forbearance period. Borrowers are eligible for a forbearance if their monthly Title IV loan burden is over 20% of their total monthly gross income, or if they are unemployed and unable to find a job. Borrowers who are unable to make their regular payments due to a disability may also be eligible for either a forbearance or a reduction in their payments.

Forbearances are renewable at intervals of up to 12 months for periods that collectively do not exceed three years. Forms may be found online at https://www.mycampusloan.com/. Click on "Downloadable Forms". Questions about forbearance may be directed to Perkins@nau.edu.

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Cancellation

Borrowers who perform services in certain occupations may be eligible to have portions of their Perkins loan canceled. Please contact the Office of the Bursar at Perkins@nau.edu if you have been employed in the following occupations after graduation:

• Full-time teacher in an elementary or secondary school with a high concentration of students from low income families
• Full-time special education teacher in an elementary or secondary school
• Full-time teacher in an elementary or secondary school in the fields of mathematics, science, foreign languages, bilingual education, or any other field of expertise that is determined by the State Department of Education to have a shortage of qualified teachers.
• Full-time qualified professional provider of early intervention services in a public or nonprofit program
• Full-time law enforcement or corrections officer
• Full-time nurse or medical technician
• Full-time employee of a child or family service agency
• Full-time staff member in the educational component of a Head Start Program
• Member of the Armed Forces in an area of hostilities
• Volunteer under the Peace Corps Act or Domestic Volunteer Service Act of 1973

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Federal Perkins Payment

For all account inquiries contact:

Educational Loan Officer

Gloria Cody-Begaye
Phone: (928) 523-6750
E-Mail:gloria.cody-begaye@nau.edu

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How Much Have I Borrowed?