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Financial Aid

Federal Perkins Loan

A Federal Perkins Loan is a low-interest loan for students with exceptional financial need.  Federal Perkins Loans are made through a school's Office of Financial Aid and considered a campus-based federal program. Linfield is your lender, and the loan is made with government funds. Students must repay this loan to Linfield.  Linfield contracts with Educational Computer Systems Incorporated (ECSI) for servicing of the Federal Perkins Loan.  Additional information about the Federal Perkins Loan can be found in the Linfield College Catalog.

A loan is money you borrow and must pay back with interest, be sure you understand your options and responsibilities.

Process for new students and continuing students borrowing for the first time:

  1. Complete your FAFSA: www.fafsa.gov
  2. Complete your Certification and Award Acceptance Letter sent to you via regular mail
  3. You will receive information via email from ECSI to complete your Perkins Loan Entrance Counseling and a Perkins Loan Master Promissory Note (MPN): Complete your Entrance Counseling and Perkins Master Promissory Note Online, if awarded Federal Perkins Loan by the Office of Financial Aid
  4. View your federal loan history: www.nslds.ed.gov

Process for continuing students, who have received Perkins loan previously:

  1. Complete your FAFSA: www.fafsa.gov
  2. Complete your Linfield Application for Financial Aid (LAFA) on WebAdvisor
  3. Complete your Certification and Award Acceptance Letter on WebAdvisor
  4. Maintain Satisfactory Academic Progress (SAP)
  5. View your federal loan history: www.nslds.ed.gov

Interest Rates

Fixed interest rate of 5%

Fees

No fees

Repayment

For repayment questions, contact Linfield College’s Student Accounts/Cashier Office:  http://www.linfield.edu/student-accounts.html

Tel: 503.883.2241

After the student graduates, leaves school or drops below half-time enrollment, the student will have a nine-month grace period before having to begin repayment.  Students are required to complete Exit Counseling at www.ecsi.net upon leaving Linfield.  Students will be contacted by ECSI during their grace period regarding their repayment. 

Using a loan calculator on www.finaid.org, a fixed interest rate of 5% and total Perkins loan debt of $8,000 an example repayment schedule would be:

Loan Calculator

Loan Balance:

$8,000.00

Adjusted Loan Balance:

$8,000.00

Loan Interest Rate:

5.00%

Loan Fees:

0.00%

Loan Term:

10 years

Minimum Payment:

$50.00

 

Monthly Loan Payment:

$84.85

Number of Payments:

120

 

Cumulative Payments:

$10,182.38

Total Interest Paid:

$2,182.38

Note: The monthly loan payment was calculated at 119 payments of $84.85 plus a final payment of $85.23.

National Student Loan Data System (NSLDS)

Retrieve your Loan Information. This NSLDS website will allow you to see ALL your federal aid that you have received from all schools you have attended, including your Perkins loan. You will need your federal PIN to access this site, www.pin.ed.gov.

Terms and Conditions

Student’s terms and conditions of the Perkins loan are located with the Master Promissory Note, which students are encouraged to Sign Perkins Promissory Note Online . View a sample of the Perkins Master Promissory Note (MPN), which includes borrower rights and responsibilities as well as the terms and conditions:  http://ifap.ed.gov/dpcletters/attachments/CB0906Attach.pdf

Default

Failure to repay your loans may result in default, which has serious consequences outlined in the Perkins Master Promissory Note Terms and Conditions.