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Student Accounts

Perkins Loan

 

The Federal Perkins Loan Program ended with the 2017-2018 Academic Year.  The Perkins Loan will no longer be offered to students.

 

Contact Information:

e-mail: PerkinsLoans@cwu.edu

Phone: 509.963.1611

Office: Bouillon Hall Room 232 (Financial Aid counselors are available Mon – Fri 9am – 4pm)

Mail:

Central Washington University

Attn: Direct/Perkins Loans

400 E. University Way

Ellensburg, WA 98926-7495

 

Repayment Information:

Payments are due by the 1st working day of the month.  If made online, it is recommended to schedule them between the 25th and 28th day of the previous month to ensure they arrive on time.

Payments can be made:

Online: Perkins Payment Link

In Person: Cashiers Office in Barge Hall room 104 (Cash, Check, Visa, MasterCard, or Discover cards)

By Mail: CWU Cashiers / 400 E University Way / Ellensburg, WA 98926-7490 (Checks only – please include “Perkins” and your CWU Student ID # in the memo)

 

Loan Cancellation:

Federal Perkins Loan cancellation is based on eligible employment or eligible volunteer service and the length of time that you were in such a position.

Please visit the US Department of Education link to learn more about the available cancellations: 

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/perkins

Also, check here for schools that meet the low income requirement: 

https://studentloans.gov/myDirectLoan/tcli.action

 

How to apply for cancellation:

If you believe you are eligible for Perkins Loan Cancellation, then please complete the Request for Cancellation form and mail to the financial aid office. 

https://www.cwu.edu/student-accounts/perkins-loans-forms

 

Perkins Loans Frequently Asked Questions:

What is a Perkins loan?
How is my Perkins loan different from my other loans?
What are the terms of the Perkins loan?
Who is my Perkins contact?
What is the Master Promissory Note?
What is Entrance Counseling?
What is Exit Counseling? Why do I need to attend Exit Counseling? When do I attend?
When is my Perkins loan payment due?
Where do I make my payment?
Can I use bill pay to make my monthly payment?
What forms of payment are accepted?
Is there a penalty for paying early?
What happens if my payment is late?
What if I can’t make a payment?
How do I get a deferment?
How can I qualify for cancelation of my Perkins loan?
Because I’m a teacher, can my Perkins loan be canceled?
Do you report my Perkins account to the credit bureaus?
Can I consolidate my Perkins loan?
Can my Perkins loan be canceled if I am disabled?
What happens if a Perkins borrower dies?
If I go through bankruptcy and am discharged will my Perkins loan be discharged?
When will I get my Perkins tax information?

 

What is a Perkins loan?

The Federal Perkins Loan is a low-interest loan for undergraduate and graduate students with financial need.  The loan was created with government funds and CWU contributed a share.  Unfortunately, the Perkins Loan Program has ended and Perkins Loans will no longer be offered to students.

How is my Perkins loan different from my other loans?

One of the primary differences between one's Federal Perkins Loan and other Federal Loans is that Central Washington University is your loan servicer.  Unless consolidated with other federal loans, your Perkins Loan installments are paid directly to Central Washington University. (Other federal loans are paid to the loan servicer). Note – As a Perkins borrower it is important (and the borrower's responsibility) to communicate any changes to contact information with Perkins Accounts (PerkinsLoans@cwu.edu) to ensure that information is sent to the correct address. (Borrowers do not have access at this time to view the status of their Perkins loan in MyCWU or to make changes to their contact information online.)     

What are the terms of the Perkins loan?

 

  • 5% fixed interest
  • Repayment is deferred and there is no interest while the student is enrolled at least half-time
  • Nine-month grace period before repayment begins
  • Minimum monthly repayment is $40
  • Students must complete a Perkins Loan Master Promissory Note & Entrance Counseling before the Perkins loan is disbursed into their student account. By signing the MPN, the student agrees to the Perkins Loan Rights and Responsibilities
  • Deferment and cancelation provisions can apply to Perkins borrowers
  • Perkins borrowers must complete Exit Counseling through the Financial Aid Office

Who is my Perkins contact?

Financial Aid is the contact for all Perkins loan questions. You can email your Perkins questions to PerkinsLoans@cwu.edu, call 509-963-1611, or stop by the Office in Bouillon Hall, Room 232.

What is the Perkins Master Promissory Note?

The Perkins Master Promissory Note (MPN) is a document that authorizes CWU to credit the loan funds to your student account. To receive your loan funds you must sign the MPN the first time you are awarded a Perkins loan. After signing the MPN the first time you will not need to sign it again while attending CWU (unless the period exceeds 10 years). Note the Perkins MPN is different than the promissory note for any other federal direct loan and needs to be signed in addition to any other MPN.  

What is Entrance Counseling?

Entrance counseling occurs when the student comes into the CWU Financial Aid Office to sign the Perkins Loan Master Promissory Note, Disclosure Statement, and information sheet. Students also receive their Rights and Responsibilities and References Form. Any additional questions that the borrower has are answered at this time.

What is Exit Counseling? Why do I need to attend Exit Counseling? When do I attend?

Exit Counseling is a required part of the Perkins Loan process.  By law, all Perkins borrowers who are enrolled less than half-time, graduate, or leave CWU must be “Exited” from the Perkins system and exit information is sent to the student's last known address.  The Exit Packet will include two Exit Interview Repayment Schedule & Truth in Lending Statements, an Information Questionnaire, and additional information.  The Perkins Borrower needs to read through and sign one Exit Interview Repayment Schedule & Truth in Lending Disclosure and completely fill out the Information Questionnaire and send it back to Financial Aid. Until the information is returned, a hold will be placed on the student’s account, which restricts access to the student’s diploma and/or transcripts.

When is my Perkins loan payment due?

Perkins borrowers enter a nine-month grace period after leaving CWU, graduating, or enrolling less than half-time. After the grace period has expired the borrower enters repayment with payments due to Central Washington University on the 1st working day of each month. The minimum monthly payment on a Perkins loan is $40, however the minimum can be greater than $40.00 depending on the amount borrowed. Your monthly statement will indicate the amount of your installment.

Where do I make my payment?

 

  • Online: https://secure.touchnet.net/C20530_ustores/web/classic/product_detail.jsp?PRODUCTID=5&SINGLESTORE=true
  • In person: CWU Cashiers Office: Ellensburg Campus, Barge 104. Payments can be made weekdays from 8:00 a.m. – 5:00 p.m. (Credit card payments until 4:30 p.m.)
  • By mail: Send your payment to the CWU Cashiers Office / 400 E University Way / Ellensburg, WA 98926-7490. Make sure to allow sufficient time for delivery, and put "Perkins" & your CWU SID number under memo section of the check.
  • CWU does not accept payments by phone.
  • Make sure to always include your name and student ID number with all your payments!

Can I use bill pay to make my monthly payment?

Yes. You can set-up bill pay with your bank to make your monthly payment. Be sure to have the bill pay initiated no later than the 25th of each month since payment is mailed to CWU by your bank and needs to arrive by the 1st of each month. To set-up bill pay, follow the steps outlined by your bank and have the monthly payment sent to:

CWU Cashiers Office
400 E University Way
Ellensburg, WA 98926-7490

In the memo line – include "Perkins payment" and your student ID number.

What forms of payment are accepted? 

Accepted forms of payment include cash, check, debit card, credit card (VISA, MasterCard and Discover only), money orders, cashier’s checks, and traveler’s checks.

Is there a penalty for paying early?

You can make payments on your Perkins loan at any time. By prepaying on your Perkins loan, or paying more than the minimum due, you can reduce the amount of interest you would otherwise have to pay later. BUT, paying between the 8th and 24th of the month, after you enter repayment, will only apply to the loan principal. It will not go toward the monthly minimum payment. You can also not "pay ahead" your loan. Payments must be made every month.

What happens if my payment is late?

Payments that are late are subject to a late fee equal to 10% of your installment payment. If your installment payment is $40.00 the late fee would be $4.00. If no payment is received or late fees go unpaid, your account will continue to be reported as past due to the national credit bureaus. This may affect your credit score.

What if I can’t make a payment?                                                      

If you are having trouble making payments you can request forbearance on your Perkins loan. If you request forbearance, interest will continue to accrue on your Perkins loan and it will be due along with your monthly installment amount at the end of the forbearance period.  Failure to begin repayment or request another forbearance at the end of your forbearance period can result in additional fees.  Depending on your situation, you may qualify for an unemployment or economic hardship deferment.  https://www.cwu.edu/student-accounts/perkins-loans-forms  

How do I get a deferment?

Various deferments exist for Perkins borrowers. For instance, in-school deferments exist for students enrolled more than half-time at another institution. Others include: unemployment deferments (up to three years), economic hardship deferments (up to three years), active military service deferments (no limit), post active duty deferments (13 months), or forbearance (up to three years). Note – with forbearance, interest continues to accrue and there is no grace period. For more details about whether you qualify for deferment or forbearance you can talk to Financial Aid at CWU.

How can I qualify for cancelation of my Perkins loan?

If you have a Perkins loan and work in an approved field, you may qualify for partial postponement or cancelation. Approved fields include: Law enforcement, Firefighter, Librarian, Service/Peace Corps, Education (Teachers), and Medical. Review your Perkins Promissory Note and your rights and responsibilities for more information. If you think you might qualify for cancelation of your Perkins loan you need to speak with Financial Aid at CWU.

Because I’m a teacher can my Perkins loan be canceled?

Teachers can qualify for partial postponement or cancelation of their Perkins loan. If you work in a low income school or teacher shortage area or as a Special Ed. teacher or in the Head Start program it is likely that you qualify. To verify you will need to speak to Financial Aid at CWU.

Do you report my Perkins account to the credit bureaus?

Yes. Both current and past due accounts are reported each month to the national credit bureaus: Equifax, Experian and TransUnion.  

Can I consolidate my Perkins loan?

Yes. Your Perkins loan can be consolidated. However, depending on your career path, you may qualify for loan cancelation. You can review your Perkins promissory note for more details and/or talk to Financial Aid at CWU. 

Can my Perkins loan be canceled if I am disabled?

If you are disabled, you can apply to have your Perkins loan canceled online at www.disabilitydischarge.com or by calling 1-888-303-7818. If you are approved for a total permanent disability discharge, Federal Student Aid will notify CWU and CWU will cancel the remaining balance of your loan. While your disability discharge is under review, your loan will be placed in forbearance.

What happens if a Perkins borrower dies?

In the unfortunate event that a Perkins borrower dies, CWU Financial Aid can cancel the outstanding balance of the Perkins loan once it receives a certified copy of the death certificate.

If I go through bankruptcy and am discharged will my Perkins loan be discharged?

No. Perkins loans and other federal student loans are non-dischargeable in bankruptcy. You are not required to make payments while in bankruptcy, but payment begins once the bankruptcy is over.

When will I get my Perkins tax information?

Perkins borrowers who pay $600 or more in interest in a given year will automatically receive a 1098-E form from CWU by the end of January each year. If you paid less than $600 in interest during the year but would like to know the specific dollar amount you can speak with Financial Aid at CWU.

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