Perkins Loan Basics
Students who demonstrate significant financial need as a result of filing a FAFSA are automatically considered for a Perkins loan. The interest rate is 5%, with interest and principal repayments deferred until 9 months after the student graduates or ceases at least half-time enrollment. Because of very limited funds, annual award amounts generally do not exceed $1,500 per student, and priority is given to undergraduates.
Steps to receive a Perkins loan:
- Students who are offered a Perkins loan will be provided a link in MyPack Portal to ECSI, NC State’s Perkins loan service provider.
- Sign your Master Promissory Note and complete Perkins Entrance Loan Counseling online at the link provided to you via MyPack. Read all of the information and instructions carefully.
- Please wait 2 business days after you have accepted your Perkins loan before signing the MPN so that we may communicate details of your loan to ECSI. After we have sent your loan information to ECSI, you will be able to view a link to the MPN on the Awards tab on MyPack Portal. Click on Loan Detail, and then on the promissory note.
- Receive your Perkins loan. Funds will disburse on the first day of class, or within 48 hours of receiving your completed MPN and entrance loan counseling. Your loan funds will first offset any outstanding charges you owe the university for the semester, and after your charges are paid in full, a refund of any excess loan proceeds will be disbursed to you either by check or by direct deposit.