Federal Perkins Loans
These are low-interest, long-term educational loans awarded annually depending on financial need as determined by the information you provided on the Free Application for Federal Student Aid (FAFSA). To receive a Federal Perkins Loan, you must enroll for at least 6 credit hours. If you are eligible for a Perkins Loan, it will be offered in your award package. Acceptance and Master Promissory Note requirements must be completed by October 1.
You may borrow up to $5,500 a year, up to a total of $27,500 for an undergraduate degree. Loan limits are determined by funding availability and federal maximum limits. For the latest about loan limits and other details, go to the U. S. Department of Education's Perkins Loan Program page.
Method of Payment
Loan proceeds will be credited directly to your student account. Tuition, fees, and room and board charges will be paid. If the amount of your loan is greater than the amount of these charges or if these charges have already been paid, a refund will be issued to you.
The interest rate is fixed at 5 percent. Interest does not accrue while you are enrolled at least half-time. Interest starts to accrue at the end of your nine-month grace period after you cease to be enrolled at least half-time.
Accepting a Perkins Loan
To receive a Perkins Loan, you will need to accept it at http://my.bsu.edu.
Master Promissory Note Requirement (MPN)
If you have not previously received a Federal Perkins Loan at Ball State or the last time you accepted one was prior to July 1, 2007, an email will be sent to your assigned Ball State email address from ECSI (Ball State's servicer for Perkins) with instructions on how to complete the online entrance counseling interview and Master Promissory Note. If you completed a Federal Perkins Loan Master Promissory Note on or after July 1, 2007, the loan will disburse to your student account after your acceptance has been confirmed.
The repayment period begins nine months after you cease to be enrolled at least half-time. The minimum monthly payment is $40. The maximum repayment period is 10 years, but may be extended for up to 10 more years if Ball State determines that you are or will be a "low-income individual" as defined in the federal regulations published by the U.S. Department of Education.
You can view and pay your Perkins Loans online through Educational Computer Systems, Inc. (ECSI).
ECSI administers the billing and servicing of these loans. ECSI is a billing service for Ball State, not a collection agency. With this partnership, Ball State can allow you full access to view your loan accounts, make online payments, sign up for e-billing, use electronic draft payments, obtain deferment forms online, and make online changes to your address.
All borrowers under the Federal Perkins Loan program who graduate, drop below half-time status, or withdraw from Ball State are required to complete exit counseling. This interview should take place before you leave the university.
Exit interview counseling is designed to prepare you for the repayment of your student loan(s), provide you with detailed information regarding deferment and/or cancellation privileges, and to assist you with personal financial management. To complete your online exit interview, access ECSI's Web site at www.ecsi.net:
If you have any trouble completing your online exit interview, please contact ECSI at 888-549-3274, Ball State University at 765-285-5822, or e-mail email@example.com.
Ball State actively pursues the collection of delinquent loans and initiates legal action if necessary.