Federal Perkins loans are low-interest subsidized loans. Subsidized means the
government pays the interest on the loan as long as the student is enrolled at
least half-time. Since funding is limited, Perkins loans are usually awarded
on a first-come, first-served basis to eligible students with high financial need
who file a FAFSA by March 1.
How to Apply: Complete the The Free Application for Federal Student Aid (FAFSA) by March 1
Enrollment Requirements: Students must be enrolled at least half-time in federal aid-eligible courses.
Funds cannot be disbursed to the student's account until all requirements are complete. If a student is offered a Federal Perkins Loan as part of their financial aid offer, they must:
- Accept the loan.
- Students will receive a notification to their student MIX email within one week
of accepting the Perkins Loan from Heartland/ECSI with instructions on how to
complete a promissory note at
Please note the Federal Loan Agreement (Master Promissory Note) for Subsidized
and Unsubsidized Loans is different than the promissory note required for the
- Perkins has a fixed interest rate of 5%.
- There is a nine-month grace period after a student drops below half-time enrollment
or graduates before the loan enters repayment.
- Cancellation provisions are available in some situations which may, under certain circumstances, release the borrower from repaying the loan in full. The rate of cancellation is typically 15% for the first and second years, 20% for the third and fourth years, and 30% for the fifth year. However, rates can vary. Cancellation forms are available at www.ecsi.net.
- Additional information on Perkins can be found at
studentaccounts.wvu.edu (for WVU-specific information) or
- A borrower has 120 days to return any portion of a federal loan to the institution without being assessed any interest or fees on the amount returned.