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Federal Perkins Loan
The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled. In general, schools are reimbursed for 100 percent of the principal amount of the loan canceled, and the reimbursement must be reinvested in the school’s revolving loan fund. These institutional reimbursements for loan cancellations are an entitlement.
Financial need is determined by the U.S. Department of Education, using a standard formula, established by Congress, to evaluate the financial information reported by the student on the FAFSA. The information from the FAFSA then determines the student’s expected family contribution (EFC).
If you have been awarded a Perkins loan as part of your financial aid package, please complete a Promissory Note at http://www.ecsi.net:
- Click on Student
- Click on esign a promissory note
- Click on Barton College
For students who are in repayment of their Perkins loans, please go to http://www.ecsi.net, click on Borrowers and set up an account. If you qualify for forgiveness of your loan through a work service agreement, you will need to establish an account and complete the Cancellation documentation.
Federal Stafford Student Loans
There are two types of Stafford loans: subsidized and unsubsidized. If you have a subsidized loan, the federal government pays the interest on the loan while you’re enrolled. If you have an unsubsidized loan, you must pay the interest while you are in school, or you may choose to defer interest payments until graduation.
If you qualify for subsidized loans, you may borrow up to $4,500 in the first year of enrollment, up to $5,500 in the second year, and up to $6,500 per year starting the junior year. If you’re a dependent undergraduate, your total outstanding loans from this program may not exceed $23,000.
Federal Plus Loans to Parents
Federal PLUS Loans are low-interest loans that are available to families of students enrolled at least half time.
You can find out who has your loan by visiting: http://www.studentclearinghouse.org/.