The Federal Perkins Loan program is administered by the Office of Financial Aid. Funds from this program, when available, are loaned to the neediest students, as determined by the needs analysis. If a student is eligible for a Perkins Loan, the loan amount they are eligible for will appear on their award notification. Interest is at a fixed rate of 5%. Repayment and interest are deferred until nine months after a student graduates or falls below half-time enrollment.

If you received a Perkins Loan as part of your financial aid award and/or are a first-time borrower, please complete the following requirements:

1. Perkins Entrance/Exit Counseling
    
2. Perkins Master Promissory Note

• Interest Rate
  • 5% (fixed)
  • Interest does not accrue when the student is enrolled in school at least half-time or during the 9 month grace period
  • Interest is charged when the loan is in Repayment
• Loan Origination Fee
  • None
• Grace Period
  • 9 months
  • The Grace Period begins at the time of graduation or when the student is no longer enrolled at least half-time (9 or more units)
• Repayment
  • Repayment begins after the completion of the 9-month Grace Period
• Loan Servicer
  • The loan servicer for Lawrence students is ACS-Education
  • Servicer website: www.acs-education.com

Before completing Entrance Counseling, you must first accept your Perkins Loan. You may accept your loan in one of two ways:

1. Accept your loan in Voyager (click here for instructions)
2. Return the Financial Aid Acceptance form that was mailed to you.

Additionally, if you're a new student, you must also submit your enrollment deposit.

Follow these directions to complete the Perkins Loan Entrance Counseling:

1. Click here to access the Financial Counselor website
2. Click on "Entrance Interview"
3. Click "Continue"
4. Enter your Social Security Number (SSN) and Date of Birth (DOB)
5. Click "Continue"

You should complete your Perkins Loan Master Promissory Note (MPN) after you have submitted your enrollment deposit and accepted your Perkins Loan. After you accept your loan and submit your enrollment deposit, your MPN will be ready to sign in approximately 5-7 business days.

Follow these steps to complete your Perkins Loan MPN:

1. Click here to access the MPN E-Sign site
2. Click on the "Continue" button
3. Enter your name, Social Security Number (SSN), and Date of Birth

When you withdraw from Lawrence, you must complete Exit Counseling.

Click here to access the Perkins Loan Exit Counseling website.

Federal Perkins Loan Teacher Cancellation Overview (Federal Student Aid Website)

Perkins Loan Cancellation Form (ACS Education Website)

You qualify for cancellation (discharge) of up to 100 percent of a Federal Perkins Loan if you have served full time in a public or non-profit elementary or secondary school system as a:

• teacher in a school serving students from ; or '
• special-education teacher, including teachers of infants, toddlers, children, or youth with disabilities; or
• teacher in the fields of mathematics, science, foreign languages, or bilingual education, or in any other field of expertise determined by a state education agency to have a shortage of qualified teachers in that state

Eligilibility for teacher cancellation is based on the duties presented in an official position description, not on the position title. To receive a cancellation, you must be directly employed by the school system. There is no provision for canceling Perkins Loans for teaching in post-secondary schools.