What is a Federal Perkins Loan?
A Federal Perkins Loan is a low interest loan for exceptionally needy students (at EKU this means the EFC must be zero). Perkins Loans have an interest rate of 5%. Repayment begins nine months after you cease to be enrolled at least half-time (6 credit hours). A promissory note must be completed on line with your federal PIN number at www.ecsi.net/promi7.
A Federal Perkins Loans is a campus-based student loan program. This means that the University awards and collects on the student loan. The Perkins Loan has an interest rate of 5%. The grace period (the period of time between leaving the University or dropping below half-time status and repayment) on this loan is 9 months. The minimum payment is $40.00 per month.
