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Federal Perkins Loan

If you have been awarded and are a first time Perkins loan borrower for the 2009/2010 academic year, you will need to complete an Entrance Counseling and Master Promissory Note online via Campus Partners website http://ipromise.campuspartners.com (your loan servicer). The website will be updated with all student data after July 15, 2009. After this date Campus Partners will notify you via your Vassar email account to start the Entrance and Promissory Note process.

You will be asked to first complete the Entrance interview, once completed the site will direct you to the Master Promissory Note. Your FASFA pin is required to sign the promissory note electronically. If you do not have a PIN or have forgotten your PIN, please visit www.pin.ed.gov. Once all information is complete, Vassar College will be notified and the loan will disburse to your student account.

If you have any questions regarding this process, please feel free to contact Shari Klotz at 845.437.5247 or shsmith@vassar.edu.

Deferments

Explanation of Deferments:

Repayment of principal and interest is not required during deferred periods, and the 10-year repayment period can be interrupted. In order to receive deferment, you must contact Campus Partners (the billing agent for Vassar College) or you can contact the school. All deferment forms can found on www.mycampusloan.com. The forms should be mailed to Campus Partners. If you are unable to make your payments and are not eligible for the following deferments, contact your Lending Institution.

Explanation of Cancellations:

You are eligible to apply for partial cancellation of loan principal and accrued interest on your Federal Perkins, National Direct, or National Defense student loan if you meet one of the eligibility criteria described below, and regardless of the provisions listed in your promissory note. However, if the service or employment for which you are claiming partial loan cancellation is not included in your promissory note, then the service or employment must start October 7, 1998 or after. In this case, teachers employed in a year-around program may qualify if the school year began on or after 7/1/98.

Teacher Cancellation Benefits:

Borrowers performing teaching services might be eligible for a cancellation credit that can be applied toward payments of loan principal and accrued interest. A teacher is defined as one who is a professional employee of a school system working on a full-time basis and is devoted to providing classroom instruction or related services in support of the educational program.

Handicapped Students – Teachers working in classes where the majority of the students are handicapped and in an institution providing elementary or secondary education as determined by state law.

Low Income ’ Teachers or staff members serving in public or nonprofit private elementary or secondary schools having high concentrations of students from low-income families. However, the school in which teaching service is performed must be included in the listing of schools having High Concentrations of Students From Low-Income Families, which is published in the Federal Register. (The High Concentrations of Students from Low-Income Families is a document compiled each year by the federal government from lists submitted by the individual states of schools designated by those states to have a high concentration of students from low-income families. Each state, however, is given a quota of schools to be listed and not all schools having high concentrations of students from low-income families will be listed. Only those schools listed will be considered for special cancellation benefits.)

Up to 100% of the student loan funds disbursed can be canceled for teaching service performed as detailed above in the following increments:

Preschool – Full-time staff member in a preschool program carried under section 222(a) (1) of the Economic Opportunity Act of 1964, as amended, that is operated for a period comparable to a full school year. Up to 100% of the outstanding loan principal balance. The applicant must be a full-time educational staff member, and must not earn more than a comparable employee working in the Local educational agency. Eligible for cancellation for 15% of the eligible funds for each year of service, up to 100% of the outstanding loan principal balance.

Military Cancellation Benefits:

Funds are eligible for cancellation at the rate of 12 1/2% per year for each full year of military service performed in an area of hostility (combat zone) after the funds are advanced. Maximum must not exceed 50% of the eligible funds.

Delinquent Borrowers

If a borrower fails to repay his/her student loan on a timely basis, he/she will be considered in default and may encounter the following consequences:

FAQs

What is a Perkins Loan?

The Perkins Loan is a federal loan program administered by Vassar College to assist students who are in need of a loan to meet their educational expenses.

How are Perkins Loans awarded?

The Federal Perkins Loan is awarded annually, on a basis of financial need, other financial resources available to the student and total funds available to the college.

How long do I have to repay this loan?

A student may be allowed up to 10 years to repay the loan.

Am I eligible for a deferment?

You may be eligible for a deferment, if you meet one of the following requirements:

  1. If you are enrolled in an institution of higher learning with at least six credits or more.
  2. If you are pursuing a course of study in an approved fellowship program or approved rehabilitation training program for disabled individuals.
  3. If you are unable to find full-time employment (3-year limit).
  4. If you are experiencing economic hardship (3-year limit).
  5. If you are engaged in services described under the cancellation provisions.
  6. If you are in a residency program in dentistry.

What is the interest rate?

The interest rate is currently 5%.

What happens with my Perkins Loan after I leave Vassar?

When enrollment at Vassar ceases, your Perkins Loan will enter a grace period of 9 months. During this grace period, interest does not accrue. You may pay off your entire balance, without interest, during this time if you wish.

When is my first payment due?

The first payment of principal and interest becomes due 10 months after leaving the school or after reducing enrollment status to less than 6 credit hours per term. Interest begins to accrue after nine months.

Who do I notify with a change of address?

You should change your address with Campus Partners or you can contact the school.

www.mycampusloan.com, Campus Partners phone# – 800-334-8609

Repayment Information

The Perkins Loan is a federal loan program administered by Vassar College to assist students who are in need of a loan to meet their educational expenses.

The first payment of principal and interest becomes due 10 months after leaving the school or after reducing enrollment status to less than 6 credit hours per term. Interest begins to accrue after nine months, at a rate of 5%.

Related Information

School Code: 002895

Billing Servicer:

Checks are sent to Campus Partners and made payable to “Vassar College”

Campus Partners

P.O. Box 2901

Winston-Salem, NC 27102-2901

Phone number: 800-334-8609

Perkins Entrance and MPN Requirements:

https://ipromise.campuspartners.com/ - web site for Entrance and Master Promissory Note

Information you will need to complete the Entrance Interview and Master Promissory Note

If you have questions about your FSA PIN number, please visit this Web site: www.pin.ed.gov/PINWebApp/pinindex.jsp

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