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The University of Arkansas Student Loan Office has contracted with
Educational Computer Systems, Inc. (ECSI)
to ensure compliance with the federal regulations and guidelines and maintains the promissory notes that pertain to the Federal Perkins Loan program. After a student borrower leaves or graduates from the University, ECSI is responsible for the collection of those loans. The Student Loan Office maintains the guidelines, promissory notes, and collection of the University (emergency) Loan Fund. For eligibility information regarding a Federal Perkins Loan, contact the
Office
of Financial Aid to begin the application process.
For additional information regarding student aid, please
review the
Federal
Student Guide.
Once you receive your Perkins Award notice you will need to complete the following item online. Your Perkins award cannot be disbursed until you complete the following:
You can access your Perkins Loan account at
www.ecsi.net. You will need your social
security number and PIN. Please contact ECSI at 1-888-549-3274 to obtain your PIN. Once you
have completed all the above requirements through ECSI, your loan will be disbursed to your account within
3 business days of signing your Master Promissory Note (MPN) after the semester
begins. If your MPN was signed prior to the start of the semester, your
loan will be disbursed approximately 10 days prior to the beginning of the
semester. If you have received a Perkins loan in the past, verify with the
Student Loans Office at 575-3447 or with ECSI at 1-888-549-3274 or
www.ecsi.net, that your MPN is still active before signing a new Master Promissory
Note.
The Federal Perkins Loan is awarded based on need for students attending at an institution of higher education. The maximum yearly award amount is 4,000.00 for undergraduate students and $6,000.00 for graduate/law students. In order to receive Perkins Loan funding after accepting the loan award, borrowers MUST sign a Master Promissory Note (MPN). The MPN is a legally binding promise to use loan funds for educational purposes and to repay the loan within the 10-year repayment period (review the Repayment page for additional information).
The University of Arkansas requires that borrowers sign a Master Promissory Note before the Perkins Loan funding is released to the student account balance. The borrower is only required to sign a MPN once for a 10 year period. If initial funds are not disbursed within 12 months of the MPN being signed, the borrower MUST sign a new MPN before funds can be disbursed to the account. Perkins Loan funds are not directly disbursed to the student. Funds are applied to the borrower's student account balance before remaining funds are disbursed to the student.
Once the Perkins Loan repayment period begins, the borrower will receive a repayment schedule, outlining payment amounts and deadlines. The minimum allowable payment toward the Perkins Loan is $40.00. Any payment amount above $40.00 will not be penalized. A borrower will not be penalized for early repayment. Interest will accrue on the Perkins Loan while in the repayment period. 5% annual interest will accrue on any unpaid principal loan balance. Interest will not accrue on collection costs, late fees or other costs that may be associated with a Perkins Loan.