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Federal Perkins Loan

EFFECTIVE SEPTEMBER 30, 2017, WE ARE NO LONGER AUTHORIZED TO ISSUE PERKINS LOANS TO NEW BORROWERS.  THE INFORMATION THAT FOLLOWS IS APPLICABLE TO CURRENT BORROWERS WHO HAVE BEEN GRANDFATHERED IN THE PROGRAM. 

The Federal Perkins Loan is a need-based loan awarded to students with the greatest financial need. Eligibility is determined through the FAFSA application. Students are notified of the amount they are eligible to borrow in their financial aid award letter. Awards range from $100 to $5,500 and the Perkins Loan is subsidized by the federal government and offers a fixed interest rate of 5%.  Repayment and accrual of interest begins nine months after the student graduates or drops below half-time enrollment. Repayment can be deferred for graduate study.

Please note that Union College has partnered with Heartland ECSI for establishing and maintaining your Federal Perkins Loan.  Once you have accepted your loan through Financial Aid Self Service (accessed through WebAdvising Student Menu) you will be contacted by Heartland ECSI via email with instructions for logging in and completing the documents needed to finalize your loan.   The Perkins Loan funds will be credited to your student account once all the required paperwork has been completed.