Vassar College

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Monday - Friday, 8:30am - 5:00pm

Location:

Main Building C-110 (next to Cashier's Office)

Phone:

(845) 437-5245

Email:

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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.

• Federal Perkins Loans made on/or after July 1, 1993 might qualify for a deferment benefits stated below.
  1. Enrolled in an institution of higher learning and pursuing at least half-time course of study:
  2. Pursuing a course of study in an approved fellowship program or approved rehabilitation training program for disabled individuals (This entitlement does not include a medical internship or residency program.);
  3. Unable to find full-time employment (3-year limit);
  4. Experiencing economic hardship. (3-Year limit);
  5. Engaged in services described under the cancellation provisions; and
  6. A residency program in dentistry.
• Federal Perkins Loans Made On Or After July 1, 1987 through June 30, 1993 might qualify for the deferment benefits stated below. You may also apply for the deferments listed above for loans made July 1, 1993 and after, but only for periods beginning October 7, 1998 and after.
  1. Enrollment and attendance as a regular student in a least a half-time course of study in an institution of higher education.
  2. Internship or residency program in a hospital or health-care facility offering postgraduate training and leading to a degree/certificate awarded by an institution of higher education. (2-Year limit)
  3. Temporary total disability for borrower or spouse. (3-Year limit)
  4. Temporary total disability of a dependent in your care preventing you from attending school or from being employed. (3-Year limit)
  5. Active duty in the National Oceanic and Atmospheric Administration Corps. (3-Year limit)
  6. Parental leave deferment if the following provisions are met by you: (6-month limit)
  7. 1. Are pregnant or are caring for your newborn or newly adopted child; and
     2. Not gainfully employed/attending school; and,
     3. Have attended an eligible school at least half time during the last six months.
  8. The mother of preschool age children and are entering or re-entering the work force making less than $1 more than federal minimum wage. (12-Month limit)
• Federal Perkins Loans Prior To July 1, 1987 - See promissory note.
  1. You may also apply for the (6) deferments listed for loans made July 1, 1993 and after, but only for periods beginning October 7, 1998 and after.

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:

• 15% for each of the first two years of teaching service.
• 20% for both the third and fourth years of such service.
• 30% for the fifth year of service.

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.

• Cancellation Provisions for Loans Made on or After July 23, 1992 Cancellation provisions include the following services:
  1. Full-time special education teacher in a public or other nonprofit elementary or secondary school system or full-time qualified professional provider of early intervention services in a public or other nonprofit program under public supervision.
  2. A teacher of any field of expertise considered by the state education agency to have a shortage of qualified teachers (e.g., mathematics, science, bilingual education, foreign languages).
  3. A full-time nurse or medical technician.
  4. An employee of a public/private nonprofit child or family service agency who is providing or supervising the provision of services to "high risk" children and their families from low-income communities.
• Cancellation Provision For Loans Made After November 28, 1990
  
  You can receive partial cancellation if you are a full-time law enforcement or corrections officer. Up to 100% of the Student Loan Funds disbursed can be canceled under this provision.
• Cancellation Provision For Loans Made On Or After July 1, 1987
  
  You can receive partial cancellation for service in the Peace Corps or VISTA (4-year limit). The first two years - 15% each; third and fourth years - 20% each.

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:

• Reporting to national credit bureaus, which may cause a negative effect on the borrower's credit rating. (This is done automatically, when your account becomes more than 30 days past due.)
• Assessment of late charges.
• Restriction of access to institutional records.
• The borrower will become ineligible to receive additional federal or state financial aid.
• The entire unpaid balance of the loan, including interest, may become immediately due and payable.
• Placement of loan with an attorney or collection agency. Costs associated with the collection of any loan will be added to the amount owed.
• The borrower may be sued to force payment and may be liable for court and attorney fees if judgment is not in the borrower's favor

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

• Your Social Security number
• Your driver’s license number
• Name, address, and telephone number of your parents or guardian
• Name, address, and telephone numbers of two relatives other than your parents
• Name, address, and telephone numbers of two references, other than relatives, from your home locality
• Your FSA pin, if you wish to electronically sign your Master Promissory Note (MPN)

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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