Federal Perkins and Nursing Loans
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Important Information for 2016–2017
Per federal regulations, the Federal Perkins Loan Program Extension Act of 2015 extends the Perkins loan Program through September 30, 2017. This Extension Act establishes new eligibility requirements for undergraduate and graduate students to receive Perkins Loans. Per the changes in the Extension Act, effective December 18, 2015, schools participating in the Perkins loan Program may award Perkins Loans as specified below:
All eligible new first-time undergraduate students who do not have an outstanding balance on a Perkins Loan made by the school can receive a Perkins loan only if they have already been awarded all Direct Subsidized and Unsubsidized loan aid for which they are eligible.
All eligible current undergraduate students who have an outstanding balance on a Perkins Loan made by the school can receive a Perkins Loan only if they have already been awarded all Direct Subsidized loan aid for which they are eligible.
All eligible graduate students who has received a Perkins Loan before October 1 2015 can receive a Perkins loan if they received their most recent Perkins loan from the school for enrollment in an academic program at the school and are still enrolled in the same academic program. The Perkins Loan must be disbursed by September 30, 2016.
About the Perkins Loan
This is a federally subsidized loan program awarded to students with exceptional financial need. Repayment of principal and interest (fixed at 5%) begins nine months after you graduate or you cease to be enrolled at least half-time. Repayment may be spread out over ten years and may be deferred or canceled under certain conditions.
If you are a new borrower, you will be required to complete a Master Promissory Note (MPN) and other related materials. This is an electronic process; specific instructions will be emailed to you once the financial aid verification process is complete. If you have previously borrowed a Perkins Loan at Boston College, you do not need to complete another MPN.
Failure to complete any required paperwork during a stated period will result in the cancellation of your award. The financial aid verification process must be complete and all promissory notes signed before any loan can be processed and disbursed to your student account. Disbursements are made in two equal amounts, one each semester.
Your loan information will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
About Nursing Loans
This is a federally subsidized loan program awarded to nursing students demonstrating financial need. Repayment of principal and interest (fixed at 5%) begins nine months after you cease to be enrolled at least half-time. The minimum monthly installment is $40.00, and the loan must be paid within ten years.
You will be required to complete a Master Promissory Note (MPN) and related disclosure materials. This is an electronic process; specific instructions will be emailed to you once the financial aid verification process is complete. Funds will be disbursed to your student account only after completion of all forms. Disbursements of this loan will be made in two equal installments—one each semester.
Perkins/Nursing Loan Signing
Students who have been awarded the Perkins, Nursing, or Law loan for the first time or the Balfour, Peter Jay Sharp, or the Bank of America Loan this year must complete Entrance Counseling and sign a promissory note. Visit ECSI's website for more information. Students will receive an email from the ECSI when it is time to sign their documents. Please make sure that your email client does not block communications from ESCI.
Distribution of the Perkins Loan
The amount awarded by Financial Services will be posted to the student's Boston College tuition and fees account during the registration period each semester.
Credit Bureau Reporting
Perkins loans will be reported to Equifax Credit Bureau on a monthly basis. To contact Equifax, call 800-685-1111.
Deferment and Cancellation
Under certain circumstances, repayment of a Perkins loan can be deferred. During deferment, payments are not required, and interest does not accrue. After deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.
Types of deferments include: