Student Registration & Financial Services

Perkins Loans

The federal Perkins Loan is a need-based loan awarded to undergraduate and graduate students with exceptional financial need (the lowest EFC from the FAFSA results). Program funds are limited, awarded on a first-come, first-serve basis, so it is important to apply early for financial aid. You must have been awarded the Perkins Loan on your financial aid award notification in order to borrow under this federal loan program.

The first time you borrow a Perkins loan you will be required to complete your Master Promissory Note (MPN) and entrance interview counseling at Heartland Computer Systems/ECSI, the Perkins Loan servicer for all Minnesota State schools.

The Perkins loan has many positive features.

  • No processing or origination fees.
  • Fixed interest rate of 5%.
  • The federal government pays the interest while you are enrolled at least half-time (6 credits) and during the grace period.
  • Repayment begins 9 months after you graduate, withdraw, or enroll less than half-time (6 credits).
  • Interest begins to accrue after the 9 month grace period.

If you are no longer enrolled in school at least half-time (6 credits), you are required to complete repayment/exit counseling. Perkins Loan payments will be made to Heartland Computer Systems/ECSI. Borrowers have up to 10 years to repay the loan and under certain conditions there may be loan cancellation options.

Questions about your Perkins Loan, including deferment, forbearance, or cancellation may be directed to the Minnesota State Student Loan Service Center.