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Linfield College
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Financial Aid Student and Parent Loans

Federal Perkins Loan

A Federal Perkins Loan is a low-interest federally subsidized loan for students with exceptional financial need and also offers a variety of forgiveness and cancellation options. The Federal Perkins Loan Program was first authorized by the National Defense Education Act of 1958 and is one of three postsecondary aid programs collectively known as the 'campus-based aid' programs, which are administered by participating institutions of higher education. Linfield is your lender, and the loan is made with government funds. Students must repay this loan to Linfield.  Linfield contracts with Heartland - 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.

The Federal Perkins Loan Program Extension Act of 2015 extends the Federal Perkins Loan Program through September 30, 2017 for eligible undergraduate students, and will allow current and new undergraduate borrowers to complete the 2017-2018 academic year with the support of the Federal Perkins Loan. Requires that institutions exhaust a current Perkins Loan borrower's eligibility for Subsidized Federal Direct Loans prior to awarding any Perkins Loan. For new borrowers utilizing the program, institutions must also exhaust all Unsubsidized Federal Direct Loans before utilizing Perkins Loans.  Borrowers may decline their Direct Loans and still receive Perkins as long as the Direct Loans are considered in the eligibility calculations. Borrowers who receive their 2017-2018 Perkins Loan funds first disbursement by September 30, 2017, can have the remainder of their award disbursed up until June 30, 2018, if still eligible, even though the Perkins Program officially ends September 30, 2017.

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

  1. Complete your FAFSA®
  2. Complete your Certification and Award Acceptance Letter sent to new students via regular mail or for continuing students borrowing for the first time login to WebAdvisor to accept/reject the Federal Perkins Loan offered
  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

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

  1. Complete your FAFSA®
  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

Interest Rates

Fixed interest rate of 5%


No fees


For repayment questions, contact Linfield College’s Student Accounts/Cashier Office

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 upon leaving Linfield. Students will be contacted by ECSI during their grace period regarding their repayment. Students may wish to consider consolidating all of their federal student loans, including their federal Perkins loan.

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

Loan Calculator

Loan Balance:


Adjusted Loan Balance:


Loan Interest Rate:


Loan Fees:


Loan Term:

10 years

Minimum Payment:



Monthly Loan Payment:


Number of Payments:



Cumulative Payments:


Total Interest Paid:


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. 

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:


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