|
|
New Perkins BorrowersPromissory Note and Entrance Counseling Perkins Borrowers Leaving NAUExit Counseling How Much Have I Borrowed?
New Perkins Borrowers Promissory
Note and Entrance Counseling Students awarded a new Perkins loan must complete two steps in order to receive the loan: ·
Sign a promissory note Promissory notes are mailed to students prior to the semester in which they have been awarded. New promissory notes may be obtained by e-mailing a request to Perkins@nau.edu. New notes may also be picked up at our office in the main lobby of the Gammage Building. Entrance counseling must be done online at: Perkins Entrance Counseling 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 the borrower leaves NAU or drops 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. Perkins
Borrowers leaving NAU All Perkins loan borrowers must complete exit counseling when they do any of the following: ·
graduate from Northern Arizona University. 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. Perkins Exit CounselingAfter 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 must be signed and returned. Please note that the exit counseling required for the Perkins loan is separate from the exit counseling required for William D. Ford Direct Loans. Any questions regarding the repayment of your loan or the exit counseling procedure may be directed to Perkins@nau.edu. All Perkins loans must be repaid within a period of 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 at: https://www.studentclearinghouse.org/secure_area/loan_locator.asp NAU uses Campus Partners as a billing service for Perkins loans. Their phone number is (800)334-8609, and borrowers may manage their account online at https://www.mycampusloan.com. The mailing address for Campus Partners is as follows: Campus Partners A deferment allows the borrower to cease making payments on their Perkins loan. Interest on the loan does not accrue during the deferment period. Deferments are available for borrowers who are:
Deferment forms may be found online at https://www.mycampusloan.com/. Click on "Downloadable Forms". Questions about deferment may be directed to Perkins@nau.edu. A forbearance also allows the borrower to cease making payments on their 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 twelve 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. Borrowers who perform services in certain occupations may be eligible to have portions of their Perkins loan cancelled. Please contact the Office of the Bursar at Perkins@nau.edu if you have been employed in the following occupations after graduation:
For all account inquiries contact: Educational Loan Officer Gloria Cody-Begaye How Much Have I Borrowed?
|
