Perkins Loan Payment And Repayment - Assistance Guide

Perkins Loan Payment & Repayment

Perkins loan is a type of federal student loan for undergraduate and graduate students. The loans are available for students with financial needs. Perkins loan program was called off on Sept. 30, 2017 Under federal law. Students can seek assistance regarding loan repayments by calling at 1-833-920-1481 .
Do I Have to Pay Back a Perkins Loan?
Yes the Perkins loan has to paid back by the borrower. The repayment process for Perkins loans starts nine months after graduating or leaving school.
What is the Perkins Loan Interest Rate?
The interest rate for a Perkins loan is 5% and has to be paid back by the students to schools or other lending agencies.

How to Make Payments on a Federal Perkins Loan


There are multiple repayment options available for students to pay the loans back. The payment options are mentioned below:
1. Students can pay via online by using the account login of a lender. The online payments carry chargers that are as under.
  • Students will be charged 3.95% of the payment amount and $1.00 extra on all online debit and credit card payments.
  • Students will be charged $1.95 for each online eCheck payment.
  • A $15 fee is charged by the center on all returned eChecks.

Check the Perkins Loan Repayment Options


Deferment Or Forbearance: Students unable to repay the loans, can apply for forbearance to postpone repayment.
Cancellation: Applicants working in public-service job that include teaching, nursing, or firefighting are eligible to apply for cancellation. Authorities can cancel a portion of loans for eligible candidates.
Discharge: Perkins loans can be discharged under some circumstances that include the personal bankruptcy, total disability, or death.
Income-Driven Repayment: Applicants can consolidate the loans to federal direct consolidation loan. This program allows to choose repayment that suits the income status.

Contact Student Loan Service Center (SLSC)

Service Helpline Number: Call at (518) 525-2626 to seek needed help regarding the Perkins loan payment or repayment.
Toll-Free Assistance: Applicants and students can also call at the toll-free number i.e. 1-833-920-1481 to ask for assistance about student loan program.
Email Support: Queries and questions regarding education loan can be send via email at slsc@albany.edu.
Service Hours: The service hours are Monday - Friday: 8:00 a.m. to 4:00 p.m. EST.

Perkins Loan Forgiveness

The Perkins loan is a low interest student loan meant for the students facing financial hardships. Under the program an undergraduate student can borrow $27,500, and graduate students could borrow up to $32,500. The loan lender can give forgiveness or deferment to borrowers if they meet certain criteria. The loan forgiveness starts under the below process.

  1. 15 % of the original loan amount for each of the first and second years.
  2. 20 % of the original loan amount for each of the third and fourth years.
  3. 30 % of the original loan amount for the fifth year.

How to Apply for Perkins Loan Forgiveness?


The Perkins loan is a school based loan program and to apply for forgiveness, an applicant must contact the student loan servicer or provider. Check the below contacts for different student loan providers.


Check Eligibility for Perkins Loan Forgiveness?


The loan forgiveness is available for eligible applicants only. The below mentioned applicants or students are eligible to apply for loan forgiveness.
  • Teacher, Nurse or medical technician.
  • Firefighter and Faculty members of a tribal college or university.
  • Speech pathologist working in a an elementary or secondary school.
  • Librarian working in a Title I-eligible elementary, secondary school or in a public library.
  • Law enforcement or corrections officer.
  • Attorney employed in a federal public or community defender organization.
  • Employee of a public or private nonprofit organization.
  • Staff member prekindergarten or child care program.
  • Military service member in the U.S.
  • AmeriCorps VISTA or Peace Corps volunteer.

Perkins Loan Login

The online account provides access to multiple services and amenities. Applicants can avail the benefits like make a guest payment, collect details about student loan, check the payment options and manage unpaid tuition & fees. To login or crate account for Perkins loan handled by Heartland Campus Solutions (ECSI), follow the below instructions.

  1. Visit heartland.ecsi.net .
  2. Click on "New to ECSI"
  3. Click on "Register" option on the home page.
  4. Fill the information like username and password.
  5. Click "Continue" to follow the on-screen instructions.
  6. To make payments, Click "Connect an Account".
Note: By connecting an account, a user can check account data, set up a payment plan and make a payments.