Perkins Loan and Counseling
What is a Federal Perkins Loan?
A Federal Perkins Loan is a fixed low-interest (5%) loan for both undergraduate and graduate students with financial need. Colorado College is your lender. You must repay this loan to Colorado College.
How will I receive my loan?
First time recipients are required to e-sign online the Master Promissory Note (MPN) and complete an entrance counseling session on line. Students are also required to complete the online validation process. Once the three requirements are completed the loan will be credited to your student account.
Students who have received Perkins Loans previously have completed the signing of the MPN and entrance counseling. Therefore the only requirement is for students to complete the validation process. Once validation process is completed the loan will be credited to your student account.
Master Promissory Note
Due to federal regulations, the Federal Perkins Loan requires that you complete a Master Promissory Note (MPN). It will serve as the promissory note for all of your Federal Perkins Loans while you are attending Colorado College. Your MPN will include information about your Rights and Responsibilities. If the Federal Government makes any changes/additions to the MPN then you will be required to sign a new MPN for Perkins Loans awarded after this period. To e-sign your MPN please go to: http://www.acs-education.com/bac/perkinsesign/home.html. Please have available your FAFSA Pin #.
While the signature on the MPN allows Colorado College to make multiple loans to you on a single note, you are not required to accept the amount that is awarded to you. If you want to cancel all or a portion of the loan, notify the Financial Aid Office at 719-389-6651 or email email@example.com.
Perkins Entrance Counseling
If you are a new participant in the Perkins Loan program, you are required by federal regulation to complete a Perkins Entrance Counseling Session. Simply go to the Financial Aid office web site http://www.coloradocollege.edu/financialaid/counseling.asp and follow the navigation bar on the left side of the page for Loan Counseling Sessions. Then click on the link for Perkins Entrance Counseling. Please have available your social security number, your driver's license number, name, address and phone number of your closest relatives.
- Use parents, grandparents, aunts, or uncles.
- References must have a separate address/phone (i.e not live with each other) to qualify.
- If your mother and father live at the same address that = 1 reference.
- If your sibling lives at home they would NOT be a different reference.
- Please do not use faculty, staff or fellow students as references.
After you complete your reference information you should see a link to click for completing your Master Promissory Note (MPN).
When do I pay back this loan?
You have nine months after you graduate, leave school, or drop below half time status before you must begin repayment. This period of time is called a grace period.
At the end of the grace period, you must begin repaying your loan. You are allowed up to 10 years to repay.
Repaying your Perkins Loan
Colorado College uses a Loan Service Provider to collect our Perkins Loans. Our Loan Service Provider is ACS Educational Services.
After you graduate, payments on your loan will be made to Colorado College via ACS Educational Services. They will send you a coupon book for your convenience. However you may also access your account, print out forms and make payments online at www.acs-education.com. They also have a toll-free number for any inquires on your account, 1-800-826-4470.
For additional information regarding the Perkins Loan program, please contact 719-389-6456.