Federal Perkins Loan

Eligibility Criteria

  • Complete the FAFSA (Free Application for Federal Student Aid) and include Hampden-Sydney as a recipient of the data
  • Be a full-time undergraduate student (enrolled for 12 or more credit hours each semester)
  • Be a U.S. citizen or eligible noncitizen
  • Demonstrate financial need
  • Meet Satisfactory Academic Progress standards as defined by the Financial Aid Office
  • Not owe a refund on a federal student grant or be in default on a federal student loan

Terms of Award

  • Maximum annual award: $3,000*
  • Priority given to Pell Grant recipients
  • No front end fees
  • No interest while students are enrolled in school on at least a half-time basis.
  • Interest rate: 5%
  • Nine-month grace period ·Minimum monthly payment: $40
  • Repayment period may be up to 10 years

* Federal Perkins Loan and Future Eligibility:
The recently enacted Federal Perkins Loan Extension Act prohibits any further extensions of the Perkins Loan Program under section 422(a) of the General Education Provisions Act (GEPA).  Schools may not make Perkins Loans to any student on or after October 1, 2017.   

Entrance Counseling

Students who borrow a Federal Perkins Loan for the first-time are required to complete entrance counseling. This requirement can be accomplished at: http://mappingyourfuture.org/oslc/counseling/index.cfm?act=Intro&OslcTypeID=3.

Promissory Note

Students awarded a Federal Perkins Loan will be provided a Master Promissory Note (MPN) after the Business Office receives notification that entrance counseling is complete. Students who have not return the signed promissory note by October 1 may be subject to withdrawal of the award.

School Contact (after enrollment)

Shirley Robertson
Business Operations Manager
P. O. Box 127 Hampden-Sydney, VA 23943
1-434-223-6308
srobertson@hsc.edu

Loan Servicer

ACS Education Services
Campus Products and Services
P.O. Box 7060
Utica, NY 13504-7060
1-800-826-4470 
www.acs-education.com

Deferment of Loan Repayment

Under certain conditions, you may apply for a deferment of your Federal Perkins Loan. Deferment options include:

  • In-school Deferment
  • Graduate Fellowship Deferment
  • Rehabilitation Training
  • Seeking Full-time Employment Deferment
  • Economic Hardship Deferment
  • Concurrent Deferment
  • Hardship Deferment (available only for loans made before July 1, 1993)
  • Service comparable to the Peace Corps/ACTION Volunteer Deferment
  • Temporary Total Disability Deferment
  • Internship/Residency Deferment
  • Parenting Deferment (available only for loans made before July 1, 1993)

Cancellation of Loan Repayment

Under certain conditions, you may apply for cancellation of your Federal Perkins Loan. Cancellation provisions include:

  • Death
  • Total and permanent disability
  • Teaching
  • Early Intervention Services
  • Law Enforcement or Corrections Officer
  • Nurse or Medical Technician
  • Child or Family Service Agency
  • Headstart
  • Military
  • Volunteer Service

Exit Interview

A student who has borrowed a Federal Perkins Loan must have an exit interview before leaving Hampden-Sydney or in the event they register less than half time (less than six credit hours).

Default

If you fail to make a scheduled payment when due, the school can declare your Federal Perkins Loan to be in default. You must submit a deferment and/or forbearance request on or before the due date of your scheduled payment. If you default on a Federal Perkins Loan and the school is unable to collect, it will harm your credit rating and the federal government may take action to recover the loan. You cannot receive further financial aid if you are in default.