Financial Aid - Federal Perkins Loan Acceptance Confirmation Form (Academic Year 2011-12)
The interest rate on a Federal Perkins Loan is 5 percent per year. Interest does not accrue while you are enrolled at least half-time. The repayment period begins and interest starts to accrue on the loan beginning at the end of your 9 month grace period after you cease to be enrolled half-time. The minimum monthly payment is $40. The maximum repayment period is 10 years.
If you have not previously received a Federal Perkins Loan or the last time you accepted one was prior to July 1, 2007, a letter from ECSI (Ball State's servicer for Perkins) will be sent to your home address with instructions on how to complete the online entrance interview and promissory note.
If you completed a Federal Perkins Loan Master Promissory Note on or after July 1, 2007, your Perkins loan will disburse into your student account after submitting this form to confirm your acceptance.
If you have recieved an award letter, please refer to it for the maximum Perkins loan amount for which you are eligible. If you have NOT received an award letter, please do not submit this form.