Federal Perkins Loan

Overview

 
The Federal Perkins loan is a need based, fixed rate (5%) loan. The Federal Perkins loan must be repaid and will go into repayment 9 months (grace period) after the student has graduated, ceased enrollment or dropped below half time (less than 6 credits). 
 
The Perkins loan is available to undergraduate students and is awarded by the Financial Aid Office on the basis of need. 
 

Interest Rate and Repayment Terms

 
Perkins loans have a fixed interest rate of 5%. While the student is enrolled at least half time, no interest is charged to the loan. Repayment begins at the end of the grace period and lasts for a period of 10 years, during which interest is charged at 5%. 
 
Once in repayment your loan will be serviced by Campus Partners. You can contact Campus Partners by phone at 1-800-334-8609 or online at www.mycampusloan.com. You may apply for a deferment with Campus Partners if you enroll in graduate school, become unemployed, or meet other conditions specified on your promissory note. 
 

Entrance Interview and Master Promissory Note (MPN)

 
If awarded a Perkins loan, you must complete the following requirements:
 

  • Sign a Perkins Master Promissory Note (MPN)

  • Complete Entrance Counseling online

NOTE:  The MPN and entrance counseling required for the Perkins loan is separate from the MPN and entrance counseling required for Federal Direct Loans (Subsidized and Unsubsidized Stafford). 
 
To complete a Perkins MPN:
 
  • Download the Perkins MPN
     
  • Complete and sign the MPN and return it to the Financial Aid Office
To complete Perkins Entrance Counseling:
 

  • Visit http://www.mappingyourfuture.org/oslc

  • Select the “Perkins Entrance” link under the Entrance Counseling section

  • Select “New York” from the first drop down option

  • Once at the next page, select “Siena College – Loudonville, NY” from the drop down option

  • Follow the step by step instructions provided and be sure to submit your exit interview once you are finished

Once your Perkins entrance interview has been submitted, the Financial Aid Office will be notified. You will not receive the Perkins loan without completing these steps. 

 

Exit Interview

 
Exit counseling is required for all Perkins loan borrowers shortly before the student graduates or drops below half-time enrollment. This is a federal regulation and applies to all students who are graduating, officially withdrawing, dropping below half-time enrollment or transferring to another institution.
 
NOTE:  The exit counseling required for the Perkins loan is separate from the exit counseling required for Federal Direct Loans (Subsidized and Unsubsidized Stafford). 
 
To complete your Perkins Exit Counseling, please follow the instructions provided below:
 
  • Visit http://www.mappingyourfuture.org/oslc
  • Select the “Perkins Exit” link under the Exit Counseling section
  • Select “New York” from the first drop down option
  • Once at the next page, select “Siena College – Loudonville, NY” from the drop down option
  • Follow the step by step instructions provided and be sure to submit your Exit Counseling once you are finished
 
Once your Perkins exit counseling has been submitted, the Financial Aid Office will be notified. If you have questions about your exit counseling, you may email aid@siena.edu