• Federal Perkins Loan for Undergraduates

    Electric Signature Process Entrance Counseling Session

    The Federal Perkins loan program is a source of low-interest loans for students, with awards going first to students who show exceptional need. To qualify for a Perkins loan, students must complete the FAFSA; demonstrate financial need; enroll as a matriculated undergraduate student in an eligible degree program for at least six credit hours; be a U.S. citizen or resident alien; and not be in default on a prior student loan. Funds are limited and are awarded on a first come, first served basis. Although it is unlikely, acceptance of these funds may impact your eligibility for other forms of need based aid.

    Currently, an eligible student may borrow up to:

    • $5,500 annually as an undergraduate (Monmouth University awards generally do not exceed $600 per year. This is based upon funding available to the University.)
    • $27,500 maximum as an undergraduate student

    A Perkins loan may only be used for educational expenses and has a fixed interest rate of 5%. Interest does not begin to accrue until nine months after the student ceases to be enrolled on at least a half-time basis (six credit hours). Repayment begins nine months after you graduate, withdraw from classes, or fall below half-time status. Students are allowed up to ten years to repay the total amount borrowed from the Federal Perkins Loan program.

    If you do not plan to borrow the Federal Perkins loan, please return a signed copy of your award letter or provide some other written correspondence declining the loan. If we do not hear from you, it will be assumed that you have accepted the loan in the amount offered for that academic year. Perkins loan renewal is dependent upon the student filing the FAFSA each year prior to the funds being exhausted. The student must continue to meet the eligibility requirements and satisfactory academic progress. Borrowers should be aware that their loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by authorized agencies, lenders, and institutions.

    APPLICATION PROCESS

    In order to credit your Federal Perkins Loan to your account, you must complete both a Master Promissory Note (MPN) and an Entrance Counseling Session. The MPN will serve as the note for ALL Perkins loans borrowed throughout your enrollment at Monmouth University and/or up to 10 years from the date you sign this note. This multi-year feature on your MPN will be revoked only if we receive: a) written notification from you that you no longer want any further disbursements made under the MPN or b) 12 months after the date you signed the note have elapsed and no disbursement has been made during that 12-month period. The MPN may also be revoked in a situation such as bankruptcy. The Entrance Counseling Session will provide you with information regarding your rights and responsibilities as Perkins Loan borrower. For your convenience, we have made it possible for you to sign and submit the MPN electronically; you may complete the Entrance Counseling Session online as well.

    To complete your Federal Perkins Loan MPN electronically*

    1. Be certain that your computer hardware and software meets technical specifications. Your computer must be capable of printing Adobe PDF files versions 3.02 or higher; your web browser must be Netscape Navigator/Communicator, version 6.1 or higher, or Microsoft Internet Explorer, version 4.0 or higher; and the Pop-up blocker must be disabled.
    2. Have the required information - name, Social Security number, and birth date - available. For security purposes and to verify your identity you will also need your FAFSA PIN. If you do not have a PIN please visit http://www.fafsa.ed.gov/ to request a PIN.
    3. To begin the electronic signature process, click HERE. You will be leaving Monmouth University's website and will be redirected to a secure website to complete your E-MPN. Be sure to read and follow directions carefully.
    4. Print a copy of your promissory note for your records.

    *Please note that at any time during the e-signature process you may withdraw your consent to electronically sign your Federal Perkins Loan Master Promissory Note. If you do not with to electronically sign, you may opt to print the promissory note and mail it to the Financial Aid Office.

    To complete the Entrance Counseling Session electronically*

    1. Have the required information available. You must provide complete information (name, address, and telephone number) for two personal references.
    2. To begin the Entrance Counseling Session, click HERE. You will need to click on Perkins Entrance. Be sure to read and follow all directions carefully.

    *Please note that if you exit the session before completing it, your data will not be saved and you must go back to the beginning of the session when you return.

    DEFERMENT AND REPAYMENT

    All Perkins loans are repaid to Monmouth University. The federal government requires that students complete an exit counseling session when they graduate, withdraw, or drop below half-time attendance (i.e., less than six credits). For your convenience, you are now able to complete this session online. Use the following link to begin a Perkins Exit Counseling session.

    Perkins loans may be consolidated with other federal loans such as Federal Stafford loans. To learn more about loan consolidation or the U.S. Army Loan Repayment Program and Military Deferment, please click HERE.

    There are provisions for deferment of repayment for a variety of situations. For loans made on or after July 1, 1993, deferments are available to borrowers who are:

    • Enrolled and in attendance at least part-time as a regular student.
    • Enrolled and in attendance as a regular student in a course of study that is part of a Department of Education approved graduate fellowship program.
    • Engaged in graduate or post-graduate fellowship-supported study outside the United States, such as study supported by a Fulbright Grant.
    • In a Department of Education approved rehabilitation training program for disabled individuals.
    • Seeking but unable to find full-time employment (maximum of three years cumulative).
    • Experiencing economic hardship (maximum of three years).
    • Engaged in service eligible for cancellation of that loan.

    Finally, some Perkins loan borrowers are eligible to have all or part of their loans canceled, including those who:

    • Enter specific fields of teaching
    • Teach in designated schools
    • Work in Head Start programs
    • Provide certain healthcare services
    • Provide early intervention services
    • Work in a child or family service agency
    • Serve in the military in areas designated as hostile or in imminent danger
    • Volunteer under the Peace Corps or the Domestic Volunteer Service Act of 1973
    • Serve as law enforcement or corrections officers

    A percentage of an eligible borrower's Federal Perkins Loan will be canceled for each completed year of service in one of these categories, including the interest that accrued during that year. For more information on loan cancellation, click HERE. You will need to login to your account, click on Forms, then click on Cancellations. You will be able to download the form appropriate to your situation.

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